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FINANCIAL TI 


NO. 29,930 


EUROPE’S BUSINESS NEWSPAPER 

Friday May 16 1986 1^}^ ' ^ " 


The lessons to be 
learned from 
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Chemkai Morg „ PariS e3SeS CUrbS 

w^pons Grenfell OH Capital flOWS, 
debate to seek 4 \ 

adjourned listing exchange controls 


Morgan 
Grenfell 
to seek 


Employment in Chernob y 1 

UK falls and j likely to 
output declines rise > ss »y s 

■*■ f TQ ilnt'fnr 

BY GEORGE GRAHAM IN LONDON ^ ^ OAVPWKVPi 


Nato ambassadors adjourned in 
Brussels without finally adopting a 
controversial recommendation that 
the US produce new chemical weap- 
ons. 

A Nato spokesman said he was 
only authorised to state that the dis- 
cussion would continue. 

Other sources said the meeting 
would resume today and the US 
plan was almost certain to be adopt- 
ed, with Denmark, Norway and the 
Netherlands putting their reserva- 
tions oh the record. 

New governor 

Bank of Portugal's new governor is 
Mr Carlios Alberto Tavares Moret- 
ra, Be replace Mr Victor Constan- 
cy o, who resigned recently to cam- 
paign for the leadership of the So- 
cialist Party. 

Sudanese Cabinet 

Rime Minister Sadeq al-Mahdi an- 
nounced a broad-based Govern- 
ment in which he took the key de- 
fence. . portfolio and gave parties 
from war-torn southern Sudan four 
ministries. Editorial comment. 
Page 18 

Anti-Bhutto move 

Pakistan Government is taking con- 
troversial steps to strengthen its 
base in Parliament so that it can ef- 
fectively resist calls for early gen- 
eral 1 elections, issued in the past 
months by Miss Benazir Bhutto, 
pages 


MORGAN GRENFELL, one of Brit- 
ain's largest and most successful 
merchant banks, is to seek a listing 
for its shares on the London Stock 
Exchange. Shareholders include 
Willis Faber (23 per cent) and 
Deutsche Bank. Page 20 
WALL STREET: The Dow Jones in- 
dustrial average closed 33.6 down at 
1,774.68. Page 42 


Amsterdam 

ANP-C8S 
.General i 


Soviet offer 

Soviet Union introduced a draft 
treaty limifing intermediate-range 
nuclear missiles at the Geneva 
arms talks, but at first sight it ap- 
peared to contain little new, said 
tire White House. Page 4 

Seeking asylum 

Eden ; pastoxa, a Jormer leader of 
Nicaragua’s government-fed -San- 
dinista forces who turned rebel, is 
expected to turn his troops over to 
the International Bed Cross and 
seek asylum, in Costa Rica. 

Finnish warning 

Finland’s Government warned 
42,000 state employees that it could 
use legislation to end then:’ six- 
week-old strike. 

Botha defiant 

President P. W. Botha, faced with 
continuing rioting in South Africa's 
black townships, said bis Govern- 
ment was determined. to mai n tai n 

order and had plenty of power in re- 
serve to do so. Page 4 

Riot students die 

Three students died and 18 police- 
men were injured in rioting: at one 
of Jordan's three universities, in It-. 
bid. Officials said it began over en- 
gineering tuition fees. .. 

Colombo alert 

Sri Lanka’s top security official 
warned that more bombings by Ta- 
mil separatists could be expected in 
Colombo and announced emergen- 
cy anti-guerrilla measures. 

New lira bill 

Italian Cabinet will discuss a draft 
bm to introduce a new currency 
wroth 1,000 times the present bra. 

Arms sales shift 

Britain and Italy dramatically in- 
creased arms sales to Third World 
countries in 1985 while the Soviet 
Union and France showed signup 
cant declines, according to a US 
congressional study. 

i 

Reef, reinforced 

Qatar, locked in a territorial dispute 
with Bahrain, has rfdtorffte 

disputed Gulf reef of Fasfat ad-Dibal 
with heavy artillery and rocket 
launchers, Bahrain newspapers re- 
ported. 


AMSTERDAM bourse was buoyed 
by better- than-expected results 
from Royal Dutch/ShelL The ANP- 
CBS General index finned 5.4 to 
m3. Pfcge 42 

TOKYO: Stocks slipped as uncer- 
tainty over the yen ; s outlook re- 
mained. The Nikkei average eased 
19.06 to 25.924JW. Page 42 

LONDON: Prices wilted afresh as 
the market digested NatWesfs cash 
call of the previous session. Gilts 
were lower. The FT Ordinary share 
index fell 17.4 to U02.6 while the 
FT-SE 100 lost 18.9 to 1,575.7. 
Page 42 

DOLLAR rose in London to DM 
21985 (DM 2.1850); SFr 1.8280 (SFr 
1.8175); FFr 7.01 (FFr 6.9675) and 
Y1B3.60 (Y163J5). On Bank ol Eng- 
land. figures, the dollar’s exchange 
rate index rose from 113.7 to 113.fi. 
Page 35 

STERLING fell in London to dose 
at S1.535Q from $ 1 - 5395 - It rose to 
DM 3.3750 (DM 3.3650); SFr 2^050 
(SFr 2J975) and FFr 10.78 (FFr 
10.7275), but fell to Y251.25 
(Y251.50). The pound’s exc hang e 
rate index rose to 76.1 (76.0). Page 
35 

' GOLD fell $0.50 on the London bul- 
lion market to close at $34225. It al- 
so fell in Zurich to S342.05 ($34230). 
In New York the June Comex settle- 
ment was $343.40. Page 34 

CANADA: The Bank of Montreal 
led the move to lower interest rates 
by cutting its prune rale to 10% per 
cent from 10% per cent eSective to- 


US PRESIDENT Ronald Reagan 
imposed quotas on EEC agricultural 
imports in retaliation for restric- 
tions on US farm exports to Spain , 
and Portugal. Page 28 

CREDIT LTONNAIS, second-larg- 
est French bank, is planning a FFr 
25bn ($358m) sale of non-voting 
shares to bolster its capital re- 
sources. Page 21 

CflTHAS PACIFIC shares traded 
heavily on their first day, account- 
ing for more than the trading . 
volume on the Hong Kong Stock 
Exchange. They closed at HK$5-20 
(US 68 cents). Page 23 - 

BMW, West German car and motor- 
cycle maker, expects static sates 
and earnings this year because of 
shar pening competition in its home 
mark et- Sales in the first' four 
months rose 2.5 per cent to DM 

5.3bn (S2A3bu). Page 21 

FIRESTONE Tire and Bobber of 
the US, after taking over direct con- 
trol of its Spanish affiliate, hopes to 
bring its operations in Spain out of 
the red this year, according to Mr 

Jerome Nunn, chief executive of 
Firestone Hi spanic 

PERKJNrELMER, US high-technol- 
ogy group, posted a 14 per cent de- 
cline in fiscal third-quarter net 
earnings citingi in part, losses at 
Concurrent Computer,. the super- 
minicomp uter group which was 
span off as a separate company late 
last year. Page 21 


CONTENTS 


BY DAVID HOUSEGO IN PARIS 

FRANCE yesterday took a signifi- 
cant step towards conforming with 
EEC policies on the freeing of capi- 
tal movements within Europe by m 
announcing that French citizens 
will again be allowed to purchase 
stocks and private properties 
abroad. 10 * 

The liberalising of capital trans- 
fers. together with a further easing 
of foreign exchange controls to al- 
low French companies to cover 
themselves against foreign ex- 
change risks, were among the main 
measures in a far reaching econom- 
ic package announced by Mr Edou- 
ardBalladur, the Finance Minister. a% 

The package is aimed at convin- 
cing the business and financial 
| community that the Government is 
i reversing the traditional centrally 7 * 

administered French economy in 
; which credit, price and foreign ex- 
change controls have long played a 
key part It also hopes to provide a market 
favourable climate for investment couragii 
and job creation. ing depi 

Other moves include discarding, Mr B 
•from next January 1, France's cen- FFr 50b 
tralised system of credit allocation, foreign < 
In future, the Bank of France will March 
determine the availability of credit would t 
through its influence on interest prepay i 
rates during open market trading loan Fn 
operations. addition 

In addition, new money market last root 
instruments will be available to cor- He ct 

porate treasurers and further steps point cu 
towards deregulating the financial payable 


France 


Base rate 


Intervention 
I rate I 


Jan Fab Mar Apr May 
1986 


markets will be taken, including en- 
couraging banks to compete in fix- 
ing deposit rates. 

Mr Balladur announced that the 
FFr 50bn (S7.1bn) rise in France's 
foreign exchange reserves since the 
March devaluation of lhe franc 
would enable the Government to 
prepay a further S1.8bn of the EEC 
loan France contracted in 1983, in 
addition to the prepayment made 
last month. 

He confirmed a 1.5 percentage 
point cut to L5 per cent in interest 
payable on popular tax-free savings 


accounts as part of a widespread 
lowering of French interest rates. 
These include a 9.56 per centage 
point reduction m banks' base lend- 
ing rates to 9.60 per cent. 

But the Government reduced by a 
smaller margin interest rates on 
subsidised loans to industry and lo- 
cal authorities - thus aligning them 
closer to market rates and cutting 
the cost of interest subsidies to the 
budget by several billion francs in a 
full year. 

Ministry’ of Finance officials 
warned that the scope for further 
cuts in domestic interest rates was 
now limited os the cost of adminis- 
tering France’s costly system of 
chequing accounts imposed a basic 
charge on banks of about 7 per cent 
of what they raise in deposits. 

Bankers yesterday were quick to 
point out that the measures still left 
in force a substantial battery of ex- 
change controls - including restric- 
tions od lending by banks to non- 
residents, ceilings on investment 
abroad by companies and curbs on 
Frenchman openign foreign bank 
accounts or purchasing unlisted 
securities abroad. 

it was also pointed out that the 
further development of the finan- 
cial markets and the ending of cred- 
it allocation reinforces reforms al- 
ready begun by the Socialists. 

Continued on Page 20 

Editorial comment. Page 18; 

Details, Page 24 


BCal calls for early loss 
of more than 1,000 jobs 


BY LYPfTON McLAIN AND LIONEL BARBER IN LONDON 

BRITISH Caledonian Airways, the a year. “If the economy measures 
second largest UK intercontinental work, we will end the year with a 
airline, yesterday c al le d for more strong balance sheet and continu- 
than 1,000 staff to go "as soon as mg profitability in a bad year,” he 
posable." said. 

The substantial job losses The airline has already been hit 
amount to almost 13 per cent of the by a 10 per cent fall in passenger 
airline's 7,760 staff. Aircraft capaci- bookings this year. The worst af- 
ty on long-haul routes is to be cut fee ted area is the north Atlantic, 
by 7 per cent and four UK regional where bookings are 40 per cent 
sales offices are to close. down compared with last year. 

Without the cuts, the airline BCal services over the Atlantic 
would be heading for a substantial are to be cut from 35 flights to 33 
loss this year after record BCal flights a week. Services to the Mid- 
j group pre-tax profits of £21.7m die East, mainly Saudi Arabia, are 
! ($33m) in the year to October 2985. to be cut by one a week to 13 flights. 

BCal hopes staff will take vohm- Mr Coital an said there was no 
taiy severance and early retire- connection between yesterday's 
ment, at a cost of about C7m. The proposed job cuts and the talks be- 
au-tine has set June 10 as the dead- ing held with International leisure, 
Nnp for staff to take the offer. the Intersun holidays and Air Eu- 

The measures were “pre-emptive rope charter airline group, 
moves in the face of the severe eco- The talks centre on a possible op- 
nomic downturn which the airline's erational merger of the two com pa- 
directors see emerging this sum- ay’s airline fleets, according to 
mer," Mr David Cottm&o, the BCal several executives dose to the 
managing director said yesterday, talks. 

The immediate aim is to save £3Qm Both BCal and International Lei- 


sure are due to take delivery of a 
large number of new airliners, 
starting in 1988. BCal has placed 
firm orders to buy seven A320 Air- 
bus airliners worth C160m to 
-170m. Air Europe is to buy four 
new Boeing 737-300 aircraft for 
about £85 m- 

One option under discussion is to 
form a joint venture to help fill 
seats on the aircraft Some BCal ex- 
ecutives argue that an operational 
merger could make sense. 

Senior BCal executives said yes- 
terday there was no question of a 
full-scale financial merger with in- 
ternational Leisure, chaired by Mr 
Harry Goodman. BCal said its own 
net worth was between £I30m and 
£l50m, including aircraft sales, 
whereas International Leisure’s 
market capitalisation was only 
£64 m. 

The BCal service to Libya was 
suspended after the US bombing of 
the country last month. Within 15 

Continued on Page 20 


Murdoch plans novel $200m issue 


BY CLARE PEARSON IN LONDON 


NEWS CORPORATION, the Aus- 
tralian master company of Mr Ru- 
pert Murdoch’s worldwide newspa- 
per and broadcasting group, yester- 
day announced plans for a novel 
SZOOm Euromarket issue that will 
both strengthen its equity base and 
dispose at a high profit of much of 
its holding in Reuters, the UK infor- 
mation and newsagency group. 

The issue, lead-managed by Cred- 
I it Suisse first Boston, offers inves- 
[ tors 200,000 preference shares ex- 
I changeable into *B' ordinary shares 
I of Reuters Holdings after 90 days. 

News Corporation said the issue 
j would be used, in part, to eplace ex- 
isting high-cost preferred shares, 
and added that the SZOOm proceds 
i were almost three times the S68m 
| valuation on the group's 9.5 per cent 
| holding of Reuters’ ’B’ shares when 
thegroup went public in June 1981 
News Corporation's 9.5 per cent 
holding of Reuters 'A* shares will 
i not be affected by the issue. 


Mr Murdoch said in a press state- 
ment that the excellent terms ob- 
tained by the issue ‘highlight Reu- 
ters’ impressive achievements and 
anticipated future profits growth.” 
Placement of the preference shares 
through the Euromarkets would 
mean that a larger number of Reu- 
ters shares would end up in the 
hands of international investors. 

Reuters said the issue’s terms 
were a “compliment" to the compa- 
ny. 

The Reuters shares, to be pro- 
vided entirety out of News Corpora- 
tion’s bolding, will be available to 
purchasers of the News preference 
shares after 90 days at a 15 per cent 
premium. The preference shares 
will pay an annual dividend ol 5 per 

cent during their 15-year life. Final 
terms are to be set on May 22. 

While an increasing number of 
equity issues have been placed 
through Euromarkets channels, 
rather than floated on stock ex* 


Europe 

Companies " 

America * • ‘ ’J} 

Companies 

Overseas 

Companies 

World Trade 

Britain.... 

Companies- . - , -r • 



Agriculture 31 

Appointi***®* 3 -*''* IT 

Arts'- Reviews M 

Commercial Law •■••‘■’*'-"'*‘^54 

Commodities-- 51 

Crossword 35 

Ctiiwocfes.-..*—-— * * - 


Editorial comment...;.. 18 

Eurobonds 24 

ButHVtkwS--.. 38 

Financial Futures - 35 

Gold 34 

' Into. Capital Markets 24 

Letters J® 

Lex.; 26 

Management...-. ......... 12 

Market Monitors 42 

Men and Matters 18 

Money Markets 36 

Property....:, 25 

Raw Materials 34 

Stock markets -Bourses .... 39,42 
- Wall Street . 3SW2 
■ -Lo nd on-. 36-39.42 

Tedmotoor VJ'lf 

Unh Trusts--. 31-33 ■ 

Weather :: ...» 


IAEA: making most of the 
limelight 3 

India: magnates fall out over 
trade body 6 

Management: 1CL training 
plan key to revival 12 

Technology: material chan- 
ges in aircraft building ... 16 

Editorial comment: French 
economy; Afghanistan ... 18 


Chernobyl: new sense of obli- 
gation 18 

Argentina: Viedma, a capital 
change 19 

Politics Today: reforming UK 
government machinery . . 19 

Lex: BP/Shell; Morgan Gren- 
fell; Murdoch issue 20 

Belgium: why public services 
face strike action 20 


UNEMPLOYMENT in ihe UK con- 
tinued to climb last month, and 
hopes of a reversal to its rise were 
dampened by the announcement of 
a fall in manufacturing output. 

Adult unemployment rose by on- 
ly 3,000 to 3.2m after seasonal ad- 
justments. much less than the pre- 
vious month's sharp 33.000 in- 
crease. but the Department of Em- 
ployment said yesterday that the 
past few months dearly indicated 
an upwards trend 

Additional figures published yes- 
terday by the Department of Em- 
ployment showed that British la- 
bour costs per unit of output were 
rising faster than those of other ma- 
jor industrial nations. Manufactur- 
ing output in the first quarter fell 
by 1 per cent from the previous 
quarter, leaving companies to bear 
the full Impact of wages rising at an 
underlying rate of per cent a 
year without any offsetting produc- 
tivity gains. 

Labour costs per unit of output in 
March stood 6.3 per cent higher 
than a year earlier, whereas West 
German and Japanese unit labour 
costs are hardly increasing. 

The figures contributed to a fur- 
ther decline in the London stock 
market, already wilting under the 
weight of National Westminster 
Bank’s massive rights issue, an- 
nounced the previous day. Some 
stockbrokers revised their company 
profit forecasts downwards, and the 
FT Ordinary share index fell back 
17.4 to end at 1302.6. 

Today's announcement of the 
April retail price index is expected 
to show a further substantial fall in 
inflation to less than 3£ per cent a 
year, but the rising trend of unem- 
ployment and the worrying level of 
increase in unit labour costs helped 
to moderate the market's enthu- 
siasm. 

Some analysts have been predict- 
ing a half percentage point cut in 
bank base rates today, but although 
money market interest rates are al- 
ready below the current 10.5 per 
cent base rate, more caution was 
felt yesterday over whether the 
Government would encourage a fur- 
ther CUL 

Mr Nigel Lawson, the Chancellor 
Of the Exchequer, said in the House 
of Commons yesterday that interest 
rates should be brought down "as 
much and as soon as it is prudent to 
do so," but he pointed out that there 
had already been a 2 percentage 
point reduction in rates since the 
budget in March, and that families 
were benefiting from cuts in the 
mortgage (home loan) rate worth 
an average of £3.60 (55.52) a week. 

In Whitehall, officials warned 
that the UK's high level of real in- 
terest rates was partly a conse- 


quence of the rapid growth in its 
unit labour costs, which was also 
contributing to the UK's poor unem- 
ployment record. 

Overall UK enemployment. with- 
out seasonal adjustments and in- 
cluding school-leavers, rose last 
month by 1,000 ot 1.33m. A 27,000 
fall in the unadjusted level of aduit 
unemployment was cancelled out 
by the addition, a month earlier 
than last year, of 28,000 Easter 
school-leavers. 

Seasonally adjusted, the level of 
male unemployment fell by 4JH)0 
last month while female unemploy- 
ment increased by 7.000. Overall, 
aduit unemployment has been ris- 
ing by around 14.000 a month over 
the past six months, following a pe- 
riod during which it appeared to 
have flattened. 

Recent changes in the way the 
Government measures unemploy- 
ment have reduced the "headline to- 
tal" by around 50.000. The Unem- 
ployment Unit, a research and pres- 
sure group, says that the cumula- 
tive effect of this and other altera- 
tions to the unemplyment statistic s 
is to reduce the published figure by 
463.000. 

The number of employees in em- 
ployment in manufacturing indus- 
tries fell by 3,000 in March to 5.39m, 
continuing the downward trend in 
employment in this sector since 
1980. 

Average earnings rose in the 
month by 8.6 per cent, but the De- 
partment of Employment said the 
underlying rate of increase contin- 
ued at 7& per cent a year. The 
March figure was higher mainly be- 
cause of a large amount of backpay 
paid to teachers after the settle- 
ment of their dispute. 

Lord Young, the Employment 
Secretary, said yesterday: The 
trend of unemployment is still up- 
wards. The best hope ol a lasting 
improvement on the jobs front is a 
much more widespread realisation 
that pay is a crucial component of 
production costs." 

But Mr John Edmonds, general 
secretary of the General Municipal, 
Boilermakers and Allied Trades 
Union said: "It is a national dis- 
grace that such appalling figures 
are totally ignored by the Govern- 
ment The unemployment level has 
nearly tripled in the six years since 
Mrs Thatcher became Prime Minis- 
ter.’’ 

Sterling remained steady on the 
foreign exchanges, closing nearly 
half a cent lower against the dollar 
at SI 335 and 1 pfennig higher 
against the D-Mark at 3.375. The 
Bank of England's excha n ge rate 
index rose 0.1 to 76.1. 

Details, Page8 


By Patrick Cockbum in Moscow 

SERIOUS radiation injuries caused 
by the Chernobyl nuclear reactor 
disaster have already caused seven 
deaths and further fatalities are un- 
avoidable, a US bone marrow spe- 
cialist helping to treat the victims 
warned in Moscow yesterday. 

Dr Robert Gale, who works for 
the University of California, told a 
press conference that the seven had 
been among 35 people who were se- 
riously irradiated as a result of the 
accident Bone marrow transplants 
have bee n carried out on 19 patients 
by American and Sonet doctors. 

Another two men were killed in 
the first explosion at Chernobyl on 
26 April and _&> people are in hospi- 
tal in Moscow suffering from the ef- 
fects of radiation. 

Dr Gale said the difficulty experi- 
enced in treating only 300 radiation 
casualties “denonstrsies our lim- 
ited ability to respond to a nuclear 
accident” The types of radiation in- 
juries suffered at Chernobyl are di- 
verse. Some o? those now in hospi- 
tal inhaled radioactive gases with a 
very short life which are now im- 
possible to identity. 

Almost everybody affected by the 
reactor at Chernobyl seems to have 
suffered their injuries on 26 April. 
Dr Andrei Voronyov, who led the 
Soviet team treating casualties, 
said that ’'firemen were among 
those who suffered worst" but they 
knew "what kind of fire they were 
dealing with." People in charge of 
the power station also suffered 
heavy doses of radiation. Dr Gale 
added that medical doctors and fire- 
men knowingly exposed themselves 
to considerable risks. 

Dr Gale, who arrived in Moscow 
on May through the agency of Dr 
Armand Hammer, the head of Oc- 
cidental Petroleum Corporation, 
said there was very little chance of 
anybody outside the immediate 
area of the power plant suffering 
from acute radiation sickness. He 
said he has asked the Soviet au- 
thorities to be allowed to visit the 
Chernobyl area in company with 
: Soviet doctors. 

Dr Voronyov also said it was very 
unlikely that people over a wide 
area around Chernobyl would have 
received serious injuries. He said 
there had -been thorough tests on 
people living in the settlement of 
Pripyat, close by the plant Exami- 
nations of their clothes and thy- 
roids showed that the maximum ra- 
diation dose was 50 rad: “Less than 
half that which causes disease." 

Asked about a woman and her 
son in Gomel, a city in Byelorussia 

Continued on Page 20 

Details and analysis. Page 3; 

Feature, Page 18 


changes in recent months, prefer- 
ence share issues remain unusual. 
Earlier this year, Jardine Mathes- 
on, the Hong Kong trading group, 
used a similar formula to dispose of 
part of its large holding In Hong 
Kong Land. 

Co-lead managers with CSFB are 
Deutsche Bank and Swiss Bank 
Corporation, emphasising strong 
placing power with Continental in- 
vestors. 

News Corporation, whose UK 
newspaper titles include the Sun 
and The Times, is currently en- 
gaged in ambitious plans to estab- 
ish a fourth US television network 
on the basis of the former Metrome- 
dia broadcasting group. US analysts 
believe the financing needs of this 
project, met so far from the sale ol 
high-yielding "junk banks' in New 
York, have put pressure on Mr Mur- 
doch to strengthen the company's 
equity base. 

Lex, Page 20 


Drivers Jonas 

expand 

in 

Scotland 


150 

West George 
Street 
Glasgow 

G22HG 

Contact: Derek Anderson 


i : 



Chartered Surveyors & Planning Consultants 

Telephone: 041-332 5606 

and at lOAlbyn Terrace, Aberdeen 


t 






34 ' 


2 


■ isafe ; 


EUROPEAN NEWS 


Four countries on verge 



BY JAMES BUXTON IN ROME 

BRITAIN. Italy, the Nether* 
lands and Spain are expected 
to sign an agreement shortly on 
the development of a Light 
attack helicopter to be called 
Tonal, based on the Italian 
Agusta Mongoose. 

The project would strengthen 
ties between Agusta and West- 
land of Britain which became 
strained last winter during the 
battle to rescue Westland. 

Britain and Italy will each 
provide 38 per cent of an 
initial feasibility study. The 
Netherlands will pay 19 per 
cent and Spain 5 per cent. 
Agusta yesterday was unable to 


say what total development 
costs would be. 

The agreement, which should 
be signed in the next few weeks, 
will cover pre-feasibility and 
pre-definition studies. If the 
project went ahead, series pro- 
duction would not begin until 
well into the 1990s. 

The origin of the Tonal pro- 
ject lies in a Government- 
sponsored agreement last 
spring between Westland and 
Agusta to study the possibility 
of developing the Mongoose to 
meet the British army needs in 
the 1990s. Shortly afterwards 
the Netherlands became inter- 
ested, followed by Spain. 


The intention is to develop a 
helicopter available in three 
versions: Scout, anti-tank, and 
air-to-air attack. Agusta believes 
that Britain might be interested 
in buying 300 aircraft of dif- 
ferent versions and the Nether- 
lands €0. The Italian armed 
forces may also buy the Tonal. 

An agreement to proceed with 
detailed studies will be an 
important boost for Agusta 
which developed the Mongoose 
on its own and has so far sold 
it in only modest numbers. 
Sixty have been ordered by the 
Italian army, though negotia- 


tions with other potential 
customers are proceeding. 

Agusta suffered a serious 
disappointment when France 
and West Germany decided in 
1984 to collaborate in designing 
their own anti-tank helicopter, 
the PAH-2, although this 
project appears to be in doubt 
as the story below makes clear. 

Last November Mr Michael 
Heseltine, then Britain's 
Defence Secretary, secured an 
agreement from France, West 
Germany, Italy and Britain that 
could have led to a merging of 
the two projects. But the agree- 


ment lapsed when the bid for a 
stake in Westland by the 
European consortium — which 
included Agusta and French 
and West German aerospace 
companies—' was rejected. West- 
land shareholders instead chose 
rescue by Sikorsky of the US 
and Fiat of Italy. 

While the Westland affair 
raged, work on the Angto-ItaUan 
studies of the Tonal came to a 
halt. But it resumed soon afteri 
Westland and Agusta are 
already collaborating on the 
EH-1D1 naval and utility 
helicopter. 


Fate of Franco-German project hangs In balance 


WEST GERMANY and France 
may be about to abandon efforts 
to build an anti-tank and combat 
helicopter for deployment in 
the 1990s. The fate of the pro- 
ject, which has been bedevilled 
by rising costs, rows over 
equipment and specifications, 
and indecisive management, is 
likely to be decided before the 
Bundestag takes its summer 
break at the end of June. 

Official displeasure at the 
slow progress of the project, 
known in West Germany as the 
PAH-2, and as HAP and KAC 
in its two intended versions for 
the French, surfaced this week 
after a first visit here by the 
new French Defence minister, 
Mr Andre Giraud. 

He has apparently suggested 

that the two nations armaments 


directors have a final meeting 
as soon as possible to try to 
agree on specifications for a 
basic helicopter. He implied 
that if this is not possible, then 
Paris and Bonn should continue 
with separate projects. 

Both governments blame in- 
dustry for the problems. Cer- 
tainly, when the project 
management was first given to 
West Germany's Messerschmitt- 
BoIkow-BIohm (MBB), frictions 
arose between it and the French 
partner, Aerospatiale. 

MBB quickly pleaded for, and 
obtained, a joint group. Euro- 
copter, to lead the project. The 
senior civil servant in the De- 
fence Ministry in Bonn, Dr 
Manfred Timmennann, told a 
Bundestag committee recently 
that these changes in xnanage- 


BY PETER BRUCE IN BONN 

ineiii structure alone had de- 
layed the project by two years. 

The primary cause of friction, 
however, lies in the fact that 
the two governments were never 
able to agree on the production 
of one helicopter. Bonn wanted 
a specialist anti-trvjk helicopter, 
while the French wanted a 
more flexible aircraft which 
they could also export. 

Communications between the 
builders and the ministries has 
also never been good, say offi- 
cials, with many of the delays 
being caused by government, 
notably the one in Bonn, im- 
posing spending ceilings on 
various aspects of the project. 

Bonn made DM 978m (£291m) 
available In 1983 for develop- 
ment of the PAH-2 and 
reckoned then with procurement 


costs of around DM 3.6bn. These 
estimates have since risen to 
DM 1.2bn and DM 4bn respec- 
tively. As things stand, the 
PAH-2, which might have gone 
into service this year, is 
scheduled to go into production 
in 1995, three years later than 
the date formally agreed 
between Bonn and Paris in I9S4. 

The two sides agreed origin- 
ally to build one basic heli- 
copter and to arm it according 
to national needs, but there have 
been further rows over whether 
to use a US designed and 
produced night-eight, as the 
West Germans wanted to do to 
save time and money, or, as the 
French began to Insist after the 
formal agreement was signed, to 
develop a European competitor. 


New hands take the helm in Yugoslavia 


BY A1EKSANDAR LEBL IN BELGRADE 


YUGOSLAVIA TODAY gets a 
new Prime Minister, Mr Branko 
Mikulic, a Croat from the re- 
public of Bosnia, and a new 
state President, Mr Sinan 
Hasani, an ethnic Albanian, 
under its elaborate political 
rotation system bequeathed by 
Tito to avoid overt power 
struggles in this ethnically 
varied country. 

The government passes from 
the hands of Mrs Milka Plain nc. 
But its make-up will not differ 
greatly under Mr Mikulic, who 
will serve for the fixed four- 
year term. He will retain the 
existing foreign, defence and 
interior ministers, and Mr Janez 
Zemljaric, a Slovene who has 


been one of Mrs Planinc’s three 
vice premiers. 

The only significant additions 
are Mr Milos MiJosavljevic from 
Serbia, who will be the other 
vice premier, the third vice pre- 
miership having been abolished, 
and Mr Tozar Rikanovic, a 
former banker and also from 
Serbia, who will be finance 
minister. The only structural 
change is the establishment of 
two federal committees for 
science and technology and for 
tourism. 

However, the cabinet change 
coincides precisely with the end 
today of six and a half years 
of International Monetary Fund 
supervision of the economy 
through successive standby 


arrangements. The IMF's future 
role will be the indirect one of 
" enhanced monitoring " as a 
guarantee for Yugoslavia's offi- 
cial and commercial creditors 
which have agreed to reschedule 
debt repayments until 1988, 

Mr Mikulic, wbo comes to the 
premiership with a reputation 
as a tough and able interven- 
tionist in Bosnia, is to outline 
his policy in an address later 
today to the newly elected par- 
liament But a hint of change 
came this week from Mr Boris 
Srebric, the outgoing vice pre- 
mier in charge of the economy, 
who said that Yugoslavia will 
now finally be able to pursue a 
proper anti-inflationary policy. 

Mr Srebric’s clear implica- 


tion was that the IMF laissez- 
faire approach to inflation- 
regarding it as a symptom, not 
a root cause, of Yugoslavia's 
economic ills — had prevented 
the Government hitherto from 
slapping on administrative price 
controls. Last month, prices 
stood 84.8 per cent higher than 
in April 1985, with retail prices 
standing 8.5 per cent higher 
than in March and 30.6 per cent 
higher than last December. 

Another worry from Mr 
Mikulic is that the growth af 
industrial output, which in the 
first four months of this year 
was 6.1 per cent above the level 
a year earlier, is perhaps los- 
ing steam, while exports dived 
last month. 


The night-sight debate still 
rages, it is understood. 

Tbe Bundestag defence and 
budget committees in Bonn are 
growing increasingly waxy of 
approving any more money for 
the PAH-2. Updated cost esti- 
mates wer expected by the end 
of last month but details of 
these are not available. These 
costings will have to be provi- 
sional anyway because detailed 
specifications for a number of 
subsystems, and the engines, 
are not due before the end of 
September. 

Mr Giraud and his West 
German counterpart, Mr Man- 
fred Woerner, are scheduled to 
meet again next month and they 
could well announce then that 
the project has been abandoned, 
at least as a joint venture, or 
drastically reduced in scope. 




Pressure 
to derail 






MUkulic: new Premier 


BY OH! VffiftMBl lit HELSINKI 

BANK OF FINLAND yesteiday de< 
valued the markka by 2 per cent 
within the central bank's own "cur- 
rency snake." At the same time the 
bank pariiamentaay superVisoiy 
, board derided to kmer the 'base 
rate from 8 to 7 per cent from- Mon- 
day. 

The markka -has -been under : 
strong pressure ever since last 
weekend when Norway devalued 
tbe krone by 12 per cent Finland 
was regarded as in a danger , zone,, 
and her trade with tbe Sov^t Union 
is coming down rapidly. 

On the other hand, tbe? central- 
bank’s currency reserves have also 
decreased. Finland's inflating is 
slightly higher than that of h£r 


Libyan 
expelled 
by Italy 

By James Buxton in ROM* - 

ITALY s Ministry of the Jfiferidr 
has asked a Libyan businessman to 
leave the country; after refusing to 
grant h™ ad extension of fits tem- 
porary residents permit. 

The man, Ibrahim Moheddin^i&a 
consufemt to the Iihyan Arab Fbr- 
eign Investment Company (Lalico). 
He Is on tbe board of Editar, a 
printing and publishing company 
controlled by Tjrffan, and has been 
in Italy since September 1985. 

Thf> tnr pnlsrnn OOmes amid 
mounting m Italy at 

successive actions by flnfanpi Mo- 
atnmer Gadafii which Rome re- 
gards Ss increasingly provocative. 

On April 15, after the US bomb- 
ing of Tripoli, Libya fired two mis- 
siles at Lampedusa, an Italian - is- 
land winch is tbe doses! part of 
Italian territory to Iihya. The mis- 
ffllas exploded just short of th^h- 
target in the sea. 

Last weekend Col GaHaffi re- 
sponded to the Tokyo summit dec- 
laration on terrorism, winch singled 
oizt Libya, by saying that Italy was 
a target for Libyan military attacks. 
Earlier tius week, Libya reacted to 
the expulsion ia fete April Of 10 Lib- 
yan diplomats by mr peTUng 25 of 
Italy’s dip lomat i c personnel from 
Libya. 




‘ .j 


Bank of apsash 

rumonrs-af a pending ddvah&dnpi 
by raising the -calf money rate an . 
two successive days-atotaL at tfi 
per cenfcto. iff >;;>’■ 

Outflow . of fmrericy, wmct the 
central tiank_ refuses ' to sgentiy',-; 
dwindled yesterday. Ghe -eesbtoerir 
dal banker said that -&£ mdrkkd’sv 
forward premium came down I 
per cent, which indicated^ ea& af- 
ter the storm. ... ... .;... 

Bank of Fm&ndT caffr the change-, 
in tbe - exchange rote "an : adjust- ' 
ifienf? dot b deVakKfibrtiTbeflj**' 
ka & now af the amte'eaSi df fee 
-shake- with an indexfigure on OR 
Tbe' dftSsfotf to lower fee base 


.' most fc. 

dus^.ahcti&jkOT Finland’s : 
Government had already finked the 

-energy fatorit. 

\ •- . : 

- 'TSkTudustrybbs als&vigorocrily 
TttgeJ tewerurfdreEt re&s-to gr&Y 
-.boost to investment • which. has ak 
“ready snide drastically in tterfaeft of 

. CtovertidfreE fttfeemrstfltenk; fifr 
Rdf EuDberg, has steadfastly re- 
fbsedtobringthe base rate daws 
drapfe loir inflate Atf. modest 
•febas by. 

fftoboartrs seen as a defeat forhis - 

pofleyafctaretitecautibii 

Government 


gains qualified support 


BY FAY GJESTER M OSUL 

A DEBATE m Norway's Storting 
(Pariiamefit) yesterday indicated 
that tbe hew* minority Labour gov- 
ernment is succeeding fit its bid to 
win- support from theftwJ junior 
partners in toe .recently defeated 
G^servatiye4erf- coalition - a 
strategy wMafe-couH-fceep- it in of- 
fice for quite a while, despite Us 
lack bf a parliamentary majority. 

The Storting debate, oir toe Gov- 
ernment's ' - policy dw&ratfriry 
showed a dear spiff between these 
two middieof'fhfrToad praties- toe 
Christian Democrats and the- Cen- 
tre (Farmers) Party; and the larger, 
more right-wing Conservative 
Ptoty. 

The Conservatives resisted, tost, 
when Labour goes it most he re- 
placed by a government with amA- 
jority in toe- Storting, this means 
some kind of deal vriffi toe maver- 
ick, far-right Progress Party, which 
holds the balance of- power in the 
157-member fe&sktoze, And whose 
two MPs helped fo defeat toe eoafi- 
tion earlier ak ■month. 

But the Centre and f!hrtirfi»n 
Democrat parties refuse to enter in- 
to any bargain with the Progress 
Party, regarding it as pofitically un- 
touchable. 

The Cientret Party paitiMfitototy 
leader, M? Johan Buttodahl, said 
yesterday' that hid party waar pre- 
pared to participate in a new, m3- 
nbrity nOn-Soctoiist . coafitkto. But 


; the Progress Party was “so totally 
differenf from Cfttre in ito politi- 
cal ph3osophy,thafc it was. out of the 
qateffieta to tOy od-Support fiom 
; thaf qnsrt&s. * 

Vifhife . .Ceotoe and Christian 
Democrat speakers falcated that 
-toe . new ~ Labour Government 
should be given a chance, if if pur- 
sued B cce flteb te pofiaes, Iff Jtto 
Syse, Conservative padtomoifazy 
Ired^snggb^&dtLaaSMftfa^ 
be posted by the jHntiouf- ’toe' tone 
<& year Wbeffmosfc friiito ripeoT 
^Labour : dptffcenr adopted a 
etincfinAiry fine towards toe cen- 
trist parties and Prime 1 - Hfemiiw 
Mrs Gm Hariem,B nnMHIaaB s ai d 
dating', toe afteisioon wpggwt that . 
she was^ ^lSfi&edtode«Fwito 
the debate so far. 

• Unions representing Norway’s 
500,000 public sector employees - 
inchidiiifl teachers - have threat- 
ened to start a series of limited*- lo- 
cal strikes from next Thursday, af- 
ter .tile breakdown of jalfcg with 
their employers in central and locto 
government The thrums withdrew 
from voluntary bargaining after re- 
jecting' revised pay and" conditions 
agreements offered to them by toe 
labour Government 

, v£fie' striked, which WlR gredmifly 
fid feljfidft. jrtrrteatf ng 

numbersof ^rpfity6es,wiff initially 
mainly hit a limited numbra of local 
government service* 





■■■ 


4 . •‘teKWl-i* 




%L. • 
















feT “Aydiffe and Peterlee, gentlemen? 

After allifs hours and hours away from London!" 




^ 1 rn tmth: i 2V2 hour dirBCt North to rail communications and nationwide motorway links. 
50 regular 50 minute flights by three major airlines fromTeesside and Newcastle airports.) 




The truth is, £ere are endless excuses for ignoring the cost-saving advantages of the North East's premier Development Corporation 
out the truth speaks for itself. Find out by speaking to Keith Summerbell on Freefone Aydiffe and Peteriee. 


Dial i oo an d ask for 

FREEFONE 



3 


IS 

h 




K 


-■sssssSNi 

SiSS 


•- - $ 


■ ' • =:■•££ 


■?*.>’ 


L £ 

J 

/"• W 



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.Financial Times Friday May 16 im 


EUROPEAN NEWS 


Poehl hints 

at moves 
to defend 

dollar 


Agency seeks wider role, says Patrick Blum 

IAEA makes the most 
of the limelight 


■Sffjna'sssssl U1 UIC mucugui 

said yesterday that a period of j 

• JSJJSfy stabriity was I the ACCIDENT at the Cher- Non-Proliferation Treaty— “The the IAEA last WSf k regular 

voiatilirv JwirS® 2? ter rec ^ ’■ B °byl nuclear power plant has world *5 first on-site Inspection radiation readings from Soviet 

•ventjonforhi* 0 ^? mrer " ! g lac «l »i*e Inieniatiooal Atomic system,” says Dr Blix. Some monitoring slanons are now 
riiHiw: h*> hm»!i d c puki some- Energy Agency in the limelight ISO inspectors visit nuclear provided to the agency. The 
' fmm Fnnwfw T *P»rts ! and brought calls for Tighter power installations to verify Soviet Union has a iso declared 

* Mr Pn~M V*jj I international regulations to that nuclear materials are not its readiness to establish an 

- baQkers *n [ ensure that nuclear power is diverted lor military purposes, early warning mechanism 
*5**1 Convergence of j being used safely. This builds confidence, he says, designed to detect radiation 

industrial «?'?I2 s t n ? ajor The sudden worldwide interest “Without this verification which could affect other 

nrevent a 1 „“ he!p t0 ? J* not entirely unwelcome at the system nuclear trade in the countries. 

relationshrDs • Jf EA ’£? lw, ? a Dr world would come to a halt.” Dr Blix says lessons will be 

intervention ’ bvcenini^^ ! I? 3 ,? 5 Bh *- **** directorgeneral. The safeguards system only learnt from the disaster but he 
can also sometime? be US i.Sftn • 52S™ mc accid<,nt en : •PPlIth to countries willing to does not believe that it will be 
work against too strnnp i £21 I 2£E.. grearer i®*«niatlOBal adhere to il Several states with possible to establish a per- 
decline in the dollar ’■ h* 3 i ?“ * afe t y - aad potential nuclear military capa- roanent body to control ✓ id ear 


Ver nm e | # 

U PP0f| 


?* U:->5 

-S; 


work against too sirone X I « rwanrr inieniauonai adnere to il Several states with possime to esta 

decline in the dollar •• h* 3 i f?~? ipe r 3 P on . on “****• aad Potential nuclear military capa- roanent body to c 
The remarks to Mr PopM*^ the agency ^ bility, such as Israel, Pakistan, safety worldwide. 

gTBMMSj ^ ■ r »sr« 

Tokyo summit earlier thic .. , international boc 

were released in Frank- critics accident and^ts Correction supervisory ant 

fU £S. ae Bun ^ s ’ M, !'‘- .nnnediare aftSth have The drart on FWc t of 

T>Jn^ Va ^ pnmanty action by ihe demonstrated a weakness. Dr yesterday's FlnandS Time. Si?j‘ uint 

SSfeSb 51 ®? # sslss*ms sc nra* s 

£rSr£Hi' e f 5 sausf 'i"«* s ss ssiST&awjst 

^wSSSSSXim £3? S^STFiSr £ S^ostocifs, Tib t "i«S5 

the market in recent weeks after policing functions and provides JSS?ng ten coreectly Saicd. ULSSL^HS?! J£ ad 

It also stated 2 slevert = 6.01 
rem (rod). Instead of 1M 
run (rad). 


dropped below advice and assistance only on 
DM 2.20. a level seen as critical request. 

of ehe . "We are not a supervisory 
nation S exports. bodv that can en tn mtrl ear 


id.. ine competitiveness of the “We are not a suoervisorv — wnen mere is a oaoger 

nation’s exports. body that ran go to iTS 1 h radiation, is fav 

The Bank of Japan bought plants, examine Md raSiriS S 13 " 3 " ^ a “ tne ** inc,tjl 

$S00m or.JMQm on exchanges Stem. We S?no“?esSSe not signed the treaty while ^ Unwo * he ■g* r 


“Many people would tike to 
see that, but any idea about an 
international body with wide 
supervisory and regulatory 
functions is far reaching. I 
don’t think that governments 
will want to set up such an 
institution but they will want 
to go further than has been 
the case until now. 

The declaration in Tokyo 
earlier this month by leaders 
of the seven leading industrial 
nations calling for an early- 
warning system. especially 
when there is a danger of cross- 
border radiation, is favoured by 
many countries, including the 


prevent the yen rising further of the member sutesT Sol can is expected to be expanded 

in value against it. But the £e no flShm 5? *e m to ^fow iSrt^L ahhounh stroDg * * n 1116 ful " e - lB 

Bundesbank was absent and the from that Doint of view " he Britain France tfusand the additton to establishing an 

■ fawer Sffta - “ SZ& 2SLEfI-aL3S? K 


. Mr Poehl rejected calls for P i& I *!^i!? A - S£ vi 2 ^P^ ons - ^ , mechanism for emergency 

setting specific levels for cur- ^IfdoS itJ ^SS^SSS ll ?t d- S& 

xencies which Should then be mostly out of the public eve The IAEA could handle a 

defended by intervention in S^eSments a?e Mt eagS r ^ greater role, “if we are given 

to shortcomings in U.*" noclJir 


suggestions for extending the 


mechanism 


emergency 


saying they would not work. nuclear reactors broadcast to — TTr: ~TV ~:r ne says, me agency's ouaget oz 

US authorities have been Jhe pubUc ?' around $i30m. including volun- 

among the main advocates of Despite * this secretiveness. WeSera^iedia JSutrSSnmtkSd tary cooirthutioris. has been 

S^SnSS?of IAEA officii insist that they but he admits that initial Soriet ^SSSh^MwDr 

Mi'pUwraiS^Soo BfSA’SaS'fSas * 

about automatic currency mech- J,^j e d^ u On^some occSois dent ^diys after ^ tod e *5 aft5 [ on field of safety 

anisffis missed the main ques- have suesested that a taton niarc Thp cnvi»t anthnn without increasing our 

tionjrf which counliy wouM Scto? or iSt^aft^S be SiluretoSfJm?he «d » » «n» t° 

Mfcust ite economic I* temporarily closed so that agency and its neighbours about e _ _ _ _ - 

• °°* -5. improvements can be made, and the accident and delays 

e v en wifoout objective mdira- oUr recommendations have been in implementing emergency 

accepted," says Dr Morris measures were serious failures, 
t° the ^stability of th e inter- Rosen, the agency’s director for he says, 
national cogency syste m is re - nuc i ear safety. More information is now 

presented vy the US current The apenry s other main role being made available by the 
account de&Eits, . is to administer safeguards Soviet authorities and follow- 

_The wairung of posrible m- d the 1970 nuclear ing an agreement made with 
tervenfaon to defend the dollar 

gave slight renewed heart to ^ 1 * "* " ^ T . ' " 1 11 " 

tinUitr buyers on the exchanges KC STEEL PRODUCTION QUOTAS 

yesterday, but the central bank ' By quarter, *000 tonnes 

president also rivalled that z/wm 1/1986 4/l9» 3/T98S 

West German official interest - , - - - ^ - - ■■ 

rates' would not be cut in the Hot-rolled coil <W5 3^Z7 <11S 4, ill 

near future. .• Uncoated-dieefe- - 3^372 3^76 3^32 -3.44Z 


Ior the resources and more money.” 
iht > « wn be says. The agency’s budget of 
JE,Si®®5 c, “S2J!LSS around $130m. including volun- 


Austria to 
dismantle 
its only 
N-plant 

Bjr Patrick Blum 

AUSTRIA'S only nuclear 
power station is to be dis- 
mantled, Chancellor Fred 
Slnowatz, said yesterday. 

The decision ends years of 
oncertainiy about the plant) 
at Zweniepdorf, which was 
completed in 197S but never 
used because a referendum Ic 
the same year derided against 
commissioning it. 

Dr Siaowafz laid Parlia- 
ment: “ The Roveraaifcl has 
accepted a report outlining 
the complete liquidation of 
the existing nuclear power 
plant at Zweoiendorf . . - the 
problem of the use of nuclear 
energy fa Austria can be con- 
sidered as decided and 
closed.” 

Dismantling Zwcatendorf 
was a necessary' consequence 
of the Soviet accident at 
Chernobyl, he said. 

Austria will also urge Bonn 
not to build a nuclear repro- 
cess! ng plant at Wackcrsdorf 
In Bavaria. Earlier this week, 
tbe Government here said 
that the plant would 
“ threaten the whole of 
Austria.” 

Despite tbe large scale use 
of hydro-power to generate 
electricity, as well as of coal 
and oil-fired plants, Austria 
faces regular shortages of 
electricity tn winter, forcing 
it to Import electricity. 

Tbe Intenutioaa! Energy- 
Agency has repeatedly 
warned Austria about Its 
Increasing dependence on 
energy imports from the East 
bloc. AH natural gas Imports 
and about a third of its oil 
come from the Soviet Union. 
Large quantities of other 
fuels and raw materials also 
come from Eastern Europe. 


Oiernobyl will not j Moscow 

twost food import £?g 25 » 
bill, says ambassador follow-up 


BY DAVID BUCHAN 


By Robert Mauthner, 
Diplomatic Correspondent 


THE CHERNOBYL nuclear foodstuffs. PlanEcon estimated ««» t Frivm vaxiyatin the 
accident will not cause the the losses would be mainly to ! L | jJJJ? 

Soviet Union to buy more food milk (500.000 to lm tonnes) and I London said yesterday that the 
from the US Or the EEC. des- meat (under 200.000 tonnes), [ made on Wednesday 

ptiu cessation of all agricul- with few extra imports needed. hv »j r Mikhail Gorbachev for 

21®' wa ?" ■ 3 3 ? ™*- . « r riSJtSSUSfTSSi on 


metre radius of the stricken three undamaged reactors had eni w nuclear *esxs did not 
power plant. Mr Leonid Z am- been “slowed down." but all J delude a subse^uVnt summit 


yatin. the Soviet ambassador to similar RBMK-Type reactors on more £en era i subjects. 

T 7 nf'il»i • rvT rl n Juv aIc ouihawn iiiora rmownriM it . _ . _ ■ « 


Eritain. told a news conference elsewhere 

yesterday. normally. 


operating 


, , . - ■ At his first news conference 

yesterday. normally. Wharton and Plan- since assuming his post two 

Worid commodify prices have Econ agree that diversion of szo Mr Zazcvatin said 

risen in the wake of the coal, oil and gas to make good that Moscow was quite ready 
nuclear accident, on especta- the Chernobyl power loss might to fulfil the agreements made 
tiDJis of higher Soviet imports, reduce Soviet energy exports by President Ronald Reagan 
But two reports fay Washington- later this year by 100,000 and Mr Gorbachev at tbeir 
based research organisations barrels of oil (or oil equivalent ) Genova meeting last November, 
tnis week gave a mixed assess- a day. That included another summit 

but. t. The direct cost of the acci- meeting. 

Wtorfcft EcoRome tries 'ore- ^ eDt voul d range between I He did not suggest, however, 
cas; a posiible cut in ihe Soviet Roubles 195bn (£lhn) aril any date for the main US- 
grain torSt bv J a 2 Roubles 3.1bn, equivalent to Soviet summit, which Washing- 
grain r.arvesi b> up to -0 b 0^55^.39 per cent of Soviet ton has said cannof be held 


grain harvest by up to 20m 


tonnes. necessitating some national product, according to , before the November mid-term 
imports of grain :nd other PianEcon estimates. elections in the US. 

Mr Zamvatin underlined 

Tr'tTT-t*'”* o a & oace a B aia lhe Soviet position 

EEC fails to agree sate sssl 

bachev should not be just 

radioactivity levels in food iTaart 

cific agreements, particularly 

sy quentin peel in brussels on halting the nuclear arms 

race. 

NATIONAL EXPERTS from regions of eastern France. Explaining Mr Gorbachev's 

EEC member states have given The failure was due mainly to proposal for a separate early 
up the struggle to agree a rift between Italy and West summit on a nuclear tests 
common safety levels for radio- Germany, the former concerned moratorium. Mr Zamyatin said 
Svtive traces in food. to protect its vegetable exports that the Chernobyl disaster had 

Ten days of discussions to like lettuces, the latter its dairy underlined the inherent dan- 
agreo common standards, and exports. It came just before the £ers involved in the use of 
thereby avoid disruption of European Parliament agreed in nuclear energy, 
internal trade, failed to reach an emergency debate to urge the "What happened at Chernobyl 
a conclusion on Wednesday adoption of common standards, strengthened our conviction 
night. The experts decided, and called on member states to that the course taken by us was 
however, that contamination seek compensation from the che only correct one to follow 
had decreased markedly in most Soviet Union for those affected — ridding our planet of nuclear 


‘What happened at Chernobyl 


areas of the Community, and by radiation 


that “all food allowed on tbe 
market can be considered 
safe,” 


weapons, safe utilisation of 


red on tbe Commission officials said the nuclear energy for peaceful, 
considered disruption of internal trade had constructive purposes only, and 
largely ceased, particularly at a call for international 00- 


The exceptions to the rule the Italian frontier where a j operation.’ 


where contamination is still demand for special health ) Mr Zamyatin went out of his 
being recorded include moun- certificates for food imports [ way to thank Britain for the 
tainous areas of Bararia. from other member states has | protective suits it had sent to 
northern Italy. and some now been dropped. I the Soviet Union 


ECC STEEL PRODUCTION QUOTAS 
' By quarter, *000 tonnes 



2/1984 

. 1/1986 

4/1985 

3/1985 

Hot-rolled coil 

4 JM 5 

3*27 

<115 

4,111 

Uncoated rficct — 

• - 3,372 

W 

3^32 

3 . 4 C 

„{Sabrantfed-xhffee — 



■ S 77 - : 

86i~ — 

«77 

Otfifier £tiea«a~s&eei ' *" 


” “ * 

" 78 S ■ 

759 

Quarto plate 

1 J 86 

1 A 33 

13 H 

1377 

Heavy sections 

1,139 

1.149 

1,108 

1.062 

Wire rod 

2 ^«S 

2^17 

2395 

2370 

Reinforcing ban 

* 

* 

. 1.922 

1,737 

Merchant ban 

2,165 

2,127 

2.127 

2,167 






can obviously be ruled out” 
The mark has been near the 
bottom of the eight-currency 
EMS grid since the realignment 
on April 6, requiring the Bank 
of France, whose currency has 
been near tbe top, to sell francs 
and buy marks in a defence of 
newly-set relationships. 


FINANCIAL TIMES 
published by Tbe financial Times 
(Europe) Ltd., Frankfurt Branch, 
represented by E. Huso. EVnnkfint/ 
wnd, as members of tbe 
Board of Directors. F- Bartow, 
RAF. McCteon, G.T3. Darner. UC. 
German. DJLP. Palmer, London. 
Printer: FVsnJctotep-SocIetate- 

Druckeirm-GmbH. FrankfUrt/VUsin. 
Besponsible editoc CBJ*. .Smith, 

. Frankfnrt/Main. GidoDettstrassa 
54, 6000 Frankfurt am Main 1. c? 
Iht Financial Times Lid, 100& - 
FINANCIAL TIMES, USPS No. 
190640, published . daBy except Sun- 
days and holidays- U-S- subscription 
'rates 5385.00 per annum. Second 
• postage paid at New York, 
NY. and at additional ma i lin g of- 
Roes. POSTMASTEB: send address 
changes to FINANCIAL TIMES. 
14 East 00th Street, New York, N.Y. 

urns. 


* Freed from quota controls on January 1. 1986- 

Commission sets tight 
steel production quotas 

BY PAUL CHSSER 1 GHT IN BRUSSELS 

TIGHT PRODUCTION quotas foreign markets, 
for European Community steel- To some extent they have 
makers, announced yesterday, been affected by the removal 
1 reflect the aim of trying to hold from the system of other coated 
prices up in the face of modest sheet and wire rods, the first 
1 demand. But reports from the steps taken by the Community 
market suggest that supply and to liberalise a system brought 
l demand latterly have been in to protect steelmakers as 


broadly in balance. 

The quotas, published by the 


they restructured. 

Galvanised sheet and wire 


European Commission which rod quotas have been held 
supervises controls on the down partly because they are 
. industry in the Community, competitive products with 
-have also been affected by the respectively other coated sheet 
downturn in export . demand, and .wire rod. But the system 
not only because of the restrie- has been changed to allow the 
■ tions on the US market but also producers greater flexibility, 
because of diminishing demand The Commission explained 
on the Soviet and Far East yesterday that the producers 
markets. are now being permitted to go 








However, quotas set at this 10 per cent above their 
stage are only indicative and individual production ceilings, 
can be changed to reflect but the rise in output for any 
switches in market conditions one product cannot be above 25 
or' the winning of orders on per cent. 


There is one akliite 
that carries more 


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We're big enough 
to admit it. 


You may be surprised to see a name you're not too 
familiar with alongside a name you are familiar with. 

But it's a fact: British Airways is the only British airline 
to carry more scheduled passengers than Air UK 
between regional airports throughout the UK and 
Europe. Being number two, however, doesn't mean 
being second best. Although on sheer numbers we 
have to concede, we give nothing away to our 
competitors on punctuality, service and commitment 

to the traveller. 

There are occasions, of course, when carrying fewer 
passengers than our competitor has very definite 


advantages. When checking-in, for example. When 
boarding and leaving aircraft. And when you need to 
be distracted by nothing more than a drink and a copy 
of your favourite newspaper. 

Wherever your business takes you Air UK can help by 
offering over 500 direct flights every week to 21 UK 
and European destinations. Making sure you're in the 
right place, at the right time. After all, we designed 
our busy scheduJe to meet yours. 

We’re big enough to admit it. 

Your Travel Agent has the details or you can telephone 
Air UK on (0603) 44288 or Piestel 60647. 


'ig enossgfe to mean business. 


Flights from: ABERDEEN, AMSTERDAM, BELFAST. BERGEN. BRUSSELS. COPENHAGEN. EDINBURGH, EXETER. GLASGOW. GUERNSEY. HUMBERSIDE 
JERSEY, LEEDS/BRADFCRD. LONDON HEATHROW. LONDON STANSTED, NEWCASTLE, NORWICH. PARIS. SOUTHAMPTON, STAVANGER, TEESSIDE 


pr , 







u 



To better reflect our balanced interests in foods and 
beverages and tobacco, we’ve changed our name from 
R.J. Reynolds Industries to RJR Nabisco. 

But our new name does not signal a change in direction 
for our company. Our goal remains the same: to become 
the most efficient producer and effective marketer of quality 
consumer products in the world. 

today we’re one of the world’s largest and most profitable 
consumer products companies. We have more than 200 
brands in 39 major product categories. We market our 
famous brands around the globe, and this year our sales 1 
will exceed $20 billion. 

Tomorrow we’re going to be bigger and better. 



RJR Nabisco 


RJR Nabisco is the parent company of: 


Nabisco Brands, Inc. . . . $10 billion and 
growing, with famous food and beverage 
brands including Oreo cookies, Ritz 
crackers, Del Monte fruits and vegetables, 
Planters snacks, Life Savers candy and 
Hawaiian Punch beverages. 

R.J. Reynolds Tobacco Company . . . 

makes one of every three cigarettes sold 
in the U.S., including three of the top ten 
best-selling brands, and has a major entry 
in every important cigarette category. 

R.J. Reynolds Tobacco International, Inc. 

■ . . has 10 cigarette manufacturing plants 
and 20 licensing agreements and serves 
smokers in more than 160 countries and 


territories with globally popular brands 
and brands tailored to regional and local 
tastes. 

Kentucky Fried Chicken Corporation . . 

every day serves nearly 3 million meals of 
its famous “finger-lick'in 1 good" chicken 
in more than 6,000 quick-service restau- 
rants in 56 countries. 

Heublein Inc. . . . makes Smirnoff, the 
world’s most popular vodka, and seHs a 
broad lineup of other premium spirits, 
wines and imported beers. 

RJR Archer, Inc. . . . provides a wide 
range of innovative and quality packaging 
for the consumer products industry. 


RJR Nabisco, Inc. 
Corporate Headquarters 
Winston-Salem, NC 27102 







1 

I 

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I 

I 

1 

i 


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J-i 


Britain hails 
investment 

pact with China 

BY COUNA MACDOUGALL AND CHRISTIAN TYLER 


BRITAIN yesterday signed a 
■mutual investment protection 
agreement with China which 

officials to London claimed is 

the most comprehensive of any 
Peking has yet concluded with 
its trade partners. 

Sir Geoffrey Howe. Britain’s 
Foreign Secretary and Zheng 
Tuobm, China’s Trade Minister, 
also time signed a fSOOm soft 
loan agreement which i s in- 
tended to finance at the outset 
. at least four, major projects for 
which British companies are 
bidding. 

The Investment agreement, 
which was welcomed by British 
industry, is meant to encourage 
companies to raise their level of 
investment in China— very low 
compared to that of other 
western countries and Japan. 

The only big British equity 
joint venture in China outside 
the offshore oil sector is Pilking- 
tons float glass plant being 
bout on the outskirts of Shang- 


law, is that the repatriation of 
capital, profits and fees is said 
to be guaranteed. 

In the case of balance-of- 
pay meats difficulties, either 
country can delay remittances 
far up to five years, but must 
pay a proportion of the total due 
each year. 

However, there is no explicit 
guarantee that earnings in 
Chinese currency (renminbi) 
can be converted into foreign 
exchange. 

The authorities normally only 
allow foreign investors to remit 
earn tags made by exporting 
from China. 

Yesterday’s agreement also 
requires speedy and full com- 
pensation if the investment is 
nationalised. An independent 
tribunal would value the assets. 

Disputes would ultimately be 
settled by international arbitra- 
tion, seen by British officials as 
an important safeguard. 

Losses caused by war, revolu- 
tion or riots will be compen- 


bai. A number of other com- ». , 
panies are prospecting, indud- sated for. 
wg British Oxygen, which has The agreement covers all 
been negotiating to run a plant, forms of investment, including 
m S hanghai . patents, trademarks, copyright 

, One of the main points of and other kinds of so-ridled 
interest for UK companies intellectual property rights, 
which have been deterred by It came into force yesterday 
the arbitrary nature of Chinese and runs for ten years initially. 



Zheng Tnobin and Sir Geoffrey Howe — shaking hands after 
signing two major agreements 


It would then run indefinitely 
unless terminated by either 
side. 

China has 14 other investment 
promotion and protection agree- 
ments with western countries, 
including UK competitors such 
as West Germany, France and 
Italy. But the US, China's lead- 
ing foreign investor after Hong 
Kong, has yet to reach agree- 
ment. despite protracted nego- 
tiations. 

The soft loan. Britain’s first 
under a new system, will cost 
about £90xn from the aid budget 
over 20 years if the whole £3Q0m 
line of concessionary credit is 
used. The China loan represents 
three-fifths of the UK's soft loan 


programme. 

If the four first projects in 
China materialise, more than 
half of the £300m credit will 
have been spoken for. The pro- 
jects are: Yucyang power 
station in Hunan province (Bal- 
four Beatty and NEI); telecom- 
munications equipment for 
Slumghai (Standard Telephones 
and Cables); a tube mill for 
Daye steelworks. Hubei. (Davy 
McKee); and technology for 
Luoyang tractor factory, Henan 
(Lucas CAV). 

China will receive the loan at 
5 per cent interest, with repay- 
ments over 20 years and a five- 
year grace period on the 
principal. 


Boeing 
wins $750m 
Peking 
order 

B f Robert Thomson in Peking 

CHINA HAS agreed to par* 

chase ten passenger jets — 
four Boeing 747-200S, four 
Boeing 787-2005 and two 
Airbus AS10-300s— at a cost of 
5850m, according to the 
Civil Aviation Administra- 
tion of rhl "*, the national 
carrier. 

The deals are a victory (or 
Boeing, which has been 
battling at the top end of the 
market with Airbus and 
McDonnell Douglas. 

Boeing said the eight Jets 
cost $620m, but the contract, 
which was finalised in March, 
includes spares and training 
and is worth rtSOm. The 
planes are doe to be delivered 
between February 1987 and 
March 2990. 

CAAC says the Airbus con- 
tract, signed last week, is 
worth $100 m. and the planes 
will be delivered In the third 
quarter of next year to the 
Shanghai branch of CAAC, 
which already lias three 
Airbus A 3 10s. 

The Chinese Airline is in 
the midst of a major expan- 
sion of its fleet, and foreign 
manufacturers have estimated 
that np lo 200 airerafl could 
be sold to CAAC in the next 
few years. CAAC has greatly 
expanded its network in 
recent years. 


Washington and Tokyo re-open 
suspended semiconductor talks 

BY LOUISE KEHOE IN SAN FRANCISCO AND CARLA RAPOPORT IN TOKYO 


THE long-running US-Japan 
talks on semiconductor trade 
will reopen in Washington 
today. 

The talks, conducted at the 
vice-ministerial level, will 
attempt to establish the cost of 
producing semiconductor chips 
m Japan in order to determine 
a fair pricing system for 
Japanese chips in the US. 

US semiconductor producers 
claim that Japanese manufac- 
turers are dumping several 
kinds of chips in the US market 
and are pressing for the 
imposition of more anti-dump, 
ing duties. 

US and Japanese negotiators, 
however, are seeking a new 
pricing scheme for chips as well 
as improved access for US chip 
makers in the Japanese market. 

The bilateral talks held 
today will continue next week 
when the topic will include mar- 
ket access and dumping. 

An official from the Ministry 
for International Trade and 
Industry (Miti) said yesterday 
the Japanese side was hoping 
for a break-through in the 
eight-month long chip talks. 

Miti also stressed the results 
of the talks would be passed on 
to EEC officials who are con- 
cerned that the US and Japan 
might set up some kind of semi- 
conductor cartel. 

The talks mark the seventh 
time the two sides have met at 
vice-ministerial level and the 
11th session so far. 



Yeotter — still hoping for a 
way forward 


Negotiations were suspended 
on March 2S by Mr Clayton 
Yeutter. US Trade Representa- 
tive. wbo charged Japanese 
negotiators with “ intransi- 
gence." US industry advisors 
close to the negotiations have 
said that talks would not 
reopen until the Japanese modi- 
fied their position or came up 
with a new proposal. 

US officials say Miti has pro- 
posed a system that would 
ensure US manufacturers a 
share of the purchases made by 
Japan's largest electronics com- 
panies. But the US is seeking 
broader access. 


On dumping, the US has 
previously proposed a 44 global 
price and production cost 

monitoring system " that would 
track all Japanese semi- 
conductor sales and ensure that 
prices remained at "fair 
value." 

Until recently, Japanese nego- 
tiators rejected this proposal in 
favour of a " floor price ” 
mechanism on certain types of 
semiconductor products. 

According to semiconductor 
industry analysts, the US pro- 
posal was unacceptable to NEC 
and Hitachi, two of Japan’s 
largest semiconductor makers, 
both of wbich have production 
facilities in the US. 

US officials say Miti has 
“ floated a trial balloon,” pro- 
posing a system that closely 
resembles the US plan for a 
global monitoring system. Miti 
is now suggesting a system that 
would measure demand and 
supply of key semiconductor 
products and curb overproduc- 
tion in Japan. Floor prices 
would be set by Miti in Japan. 

The proposal, they sav, also 
calls for the US and Japan to 
establish a “uniform minimum 
price system to prevent- cir- 
cuitous exports to the US or 
elsewhere through third coun- 
tries." 

The US Trade Representative 
faces a deadline of July 11 — 12 
months after the US semicon- 
ductor industry complaint was 
originally filed. 


n 


$ 


US prepares to act in 
Brazil computer row 

BY ANN CHARTERS IN SAO PAULO AND NANCY DUNNE IN 
WASHINGTON 


A TRADE dispute between the 
US and Brazil over Brazil’s pro- 
tection of -its microcomputer 
market is threatening to strain 
the cordial relations between 
the two-countries. 

The White Honse Economic 
Policy Council appears to have 
lost patience with the progress 
of the market opening talks and 
ordered a trade working group 
to come up With a list of candi- 
dates for retaliation by June 25. 

There is said to be unanimity 
in the Administration for action 
against Brazil. The US industry 
says Brazilian trade restrictions 
on computers and related tech- 
nology cost "them $L5bn 
between 1980 and 1984. 

Mr Roberta de Ahren Sodre, 
Brazilian foreign minister, has 
held out the possibility of 
joint ventures with US corpor- 
ations. bat 1 the American -in- 
dustry- has-' , complained .that 
Brazil is' blocking foreign in- 
vestment.....'.... . 

The. US •: claims' ' Brazil . is 
indulging in unfair trade prac- 
tices with regard to its market 
-reserves for - domestic com- 
of personal computers, 
panies in the -growing field 
peripherals, software ..and data 
processing services, 

Mr George 'Shuttv US Secre- 
tary of State, and Mr Sodre, 
Brazil's Foreign Minister, have 
agreed to discuss the issue, but 
no date has been set .despite a 
Jane 1 deadline for US action. 
The US has asked Brazil to be 
more flexible in its interpreta- 
tion of the law granting the 
reserves. 


Brazilian' market reserves 
were put into effect under the 
so-called “ Informatics ” law 
which gives exclusive access to 
domestic companies for eight 
years. The law has slx-and-a-half 
years to run. 

The SET, the Brazilian Gov- 
ernment agency responsible for 
- approving investments and pro- 
jects -under the law, puts the 
domestic market for microcom- 
puters and software, riot includ- 
ing telecommunications, at close 
to S2.3bn in 2985. 

Foreign businessmen and 
government officials contend 
that the law -would more aptly 
be called an electronics law. 
This is because . it has been 
applied mainly, to control the 
manufacturing and import of a " 
wide range-of 'equipmefif using 
electronic components from 
robots to industrial prooess con- 
trol systems, medical equip- 
ment and computers. 

. The US is Brazil’s first rank- 
. ing- trading partner. According 
to Cacex, Brazil’s foreign trade 
agency, the US market absorbed 
Brazilian exports worth $8.1bn 
in 1985. US exports to Brazil 
totalled $3 Jbn. 

. Brazil’s exports to the US, in- 
cluding shoes, aircraft, orange 
Juice, steel, textiles and alco- 
hol, are being reviewed by US 
trade, officials as part of the 
pending SOI trade action. 

In Brazil, the “ informatics” 
law and market reserves have 
been couched • in . terms of 
national security which has 
made public debate difficult. 


record 
for tourism 

FOREIGN visitors spent .a 
-record sum of over SFr lO.lbn 
/£3jjbn) to Switzerland last 
year, according to figures re- 
< teased by the Government in 
igroe, reports John Wicks from 

Zurich. ... . 

This was 5.5 per cent higher 
than the total for 1984 aiui re- 
flected both' an overall Increase 
in the number of foreign 
tourists and a rise in average 
expenditure. Hotel income is. 
reported to have gone W' by 
some S -per cent and that of 
other forms of accommoitation 
by 5.5 per cent over the year-. 


Dunkel to stay 
as Gatt chief 

MR - ARTHUR DUNKEL'S 
appointment as director-general 
of the General Agreement on 
Tariffs and Trade, the Geneva- 
based world Trade organisation, 
win be extended for three years 
from the end of September, the 
Gatt council decided yesterday, 
writes William Dutlforce to 
Geneva. . t 

Mr Dunkel, 53, has held the 
post since 1580. He was pre- 
ceded by another Swiss, Mr 
Olivier Long, who was director- 
general for 12 years fr om 1968. 
' ' There was no -opposition to 
his re-appointment .. 


Ericsson awarded $100m 
US Army radio order 

BY PAUL TAYLOR IN NEW YORK 

JgM 

SS^valued 1 a* over $100m to was won against other bidders 

rde ^ ”5? than 2,000 digital will result . w calls for 

n&mwave radios to the US delivery of the digital ffijero- 
ucrowave r» .. . waTC radios over the next six 

The Swedishgow Marsh from Kiris adds: 

»ntractwMjw*J»«J^. u ^| Segma, the French state 
aclical sf ,■ controlled aeroengine group. 

Detract is Pjgj* foment has won a half share in a ^61m 
aobile su ^^ t ^hi C K t ( 3 TE and order received from tbe Penta- 

MSE) contract whicn oia***^. w remotorise .the US A to 

jast - Force’s Ktl35 Boeing transport 

P hurtle with a aircraft. .' 

after a fierce Jpg, s ^ o^er was aw»*«d t0 

CFM International which is a 
joint venture:. between General 
- Electric and Snecma. 

The- companies will be build- 
ing 188 F-108 engines to equip 
43 KC-135 transporters and four 
C-135F aircraft owned by the 
French air force. 


after a nerec . 

Ljgn military contact, wiU 
"El mobile tactical com- 
mC8tion$ equipment tp _the 
enabling operators » 
Army , messages 



- Jy Ia U fa total number of 

e fbr the motors being produced for the 

calls eventually *g eliver ■ us and French programmes to 

STSSS-Sh radios, 691. 


ADVERTISEMENT 

INSIGHT INTO CORPORATE STRATEGY 


DAIWA SECURITIES: 

Expanding and 
Diversifying 

Daiwa Securities Ca Ltd. traces its roots in the Japanese financial world back over 80 
years. After initiating the bill brokerage business in Japan, this pioneering firm entered the 
banking and securities business and inaugurated overseas activities by establishing a sub- 
sidiary in New York in 1924. 

r * “A‘ member of 'all eight Japanese stock exchanges, Daiwa is one of the leading full- 
service,' integrated securities companies, and acts as a broker, dealer, underwriter and 
distributer in the global financial world 

The past year has witnessed phenomenal expansion by Daiwa Europe in London, which 
is at the very heart of Daiwa Securities* European operations. Business has more than dou- 
bled according to Mr Koichi Kimura , Chairman of Daiwa Europe Limited and Managing 
Director of Daiwa Securities Ca Ltd of Tokyo, who gives his assessment of rapidly 
changing environment 

By Glenn Davis 



Mr. Koirlu Kimura 

Chairman of Daiwa Europe Limited and 
Managing Director of Daiwa Securities Ca Ltd. 


Davis: How have the requirements of your 
clients altered and what impact is this having on 
your London business? 

Kimura: Our stnicture is changing and 
growing in response to investor demand. Wc 
have two main types of activity here in London; 
one aimed at Japan-based investors interested in 
Europe and the other directed towards Euro- 
pean investing in Japan. Our business for 
Japanese clients has been expanding but their 
tastes are changing. In percentage terms, the 
Japanese market has always been more impor- 
tant to us but the demand for paper has been 
shifting as our cheats become increasingly 
aware of opportunities outside the domestic 
market. 

Also European investors in the Tokyo 
market have begun to diversify their portfolios. 
They used to invest in government Yen bonds 
and Japanese equities but now are becoming in- 
terested in Yen convertibles, equity-linked Euro- 
issues and equity warrants. The latter have been 
particularly popular with European investors in 
the last six months because of the high gearing 
factor on price- movements. 

Davis: What changes have you seen in 
Daiwa's role as an issuing house over the last 
year? 

Khntnx: Both our involvement in Euroyen 
and non-Yfen issues increased substantially. We 
see a dramatic increase of our involvement in 
non-Yfen issues with more and more dollar 
d enominated bonds. Whereas we used to par- 
dtipate in new issues, we are now becoming 
increasingly active as lead managers in non- 
Japanese dollar issues. Hus is because Japanese 
invest ore have invested huge amounts in US 
Treasury bonds in recent years and now that 
money - is being diversified into Eurodollar 
bonds. The investment base is at present, of 
course; still mainly Japanese. 

Euroyen issues are also increasing in 
number and in size. The Euroyen market is now 
well established and probably now ranks in sec- 
ond place to the Eurodollar. Until 1984 the 
number and size of issues was very limited and 
so not many serious institutional investors were 
interested. If they wanted to invest in Yen bonds 
they would turn to the domestic market in 
Tbkyo. But now they can see a growing level of 
activity; with Mg 30 billion to SO billion Yai 
fcniFg coming along, and they are more in- 
terested because they can trade in the stocks. A 
sensible after-market has developed which is 
also a useful side-effect for Daiwa as market 
makers. 

It is not just European investors who have 
become more involved with Euroyen issues. 

. Japanese investors too, shunned the market in 
its early stages. J But now a liquid market has 


developed as they come in. Liquidity is very 
important for them. 

Davis: How do you intend to build on 
this increasingly important position in the 
London bond market and are there new 
opportunities? 

Kimura: 1 believe that we will lead manage 
an increasing number of non-Japanese, non- 
Yen issues. As long as Japanese investors keep 
coming to invest in non-Yen paper, our market 
share is bound to expand. 

The next sector for us to tackle is foreign 
shares. This is a new area for us because 
Japanese investment abroad is still relatively 
new and until now practically all the funds Here 
directed towards North America with some 
also finding their way to Australia. Very little 
investment was made in Europe. 

However, the weakness of the US dollar 
has meant that many Japanese investors are 
nursing losses, even taking into account the in- 
come differential. Yet they still have to invest 
outside Japan because the cash flow is too big 
for the domestic market to absorb. Thus curren- 
cy diversification is becoming important. As a 
gowing number of investors realise that they 
have to look beyond the basic yield and assess 
currency factors, money is bring directed to 
Europe in a small way; to currencies like Ster- 
ling, EOU and the D-mark. 

Apart from currency diversification, 
Japanese investors are also looking to diversify 
their portfolios beyond government issued 
paper. They had concentrated on US Treasury 
bonds or UK Gilt edged bonds but now they are 
spreading into other areas although the amount 
Invested in equities is a very tiny proportion. We 
are hoping to build on that although a lot of in- 
stitutional investors are still only in the learning 
stage when it conies to European equities. 

Davis : How can you better promote in- 
terest in European shares? 

Kimura: The first way is to introduce more 
foreign companies to the Tokyo stock exchange. 


Until the end of 1984, only 10 companies were 
listed on the board that were not Japanese; Last 
year another 10 were added and the number is 
accelerating this year. Once fisted on the 
domestic market, of course; investors then 
become used to the companies and are more 
aware of the prices. The second way is the more 
normal method of buying shares in die sec- 
ondary market, in London or Frankfurt for ex- 
ample, on behalf of Japanese investors acting 
on our advice: 

However, J believe the idea of listing com- 
panies in Tokyo is more effective. So far, most 
of the companies that have come to Japan have 
been From the US, although Daiwa brought the 
first European group, Dresdner Bank, to the 
market towards the end of last year. Only three 
in all have come from Europe, the most recent 
being Cable & Wireless from the UX, bur I 
believe we will see a lot more. 

Davis: World markets are becoming in- 
creasingly international but are you happy with 
the pace at which Japanese markets are being 
deregulated? 

Kimura: Japan is still in the process of 
deregulating and I should say that the pace has 
been much faster than people expected because 
the motivation has come right from the very 
top. the Prime Minister and Finance Minister. 
I am very pleased with these changes, The 
Euroyen market, for example; has seen some 
relaxation and deregulation almost every quar- 
ter and is now virtually a free market. 

Davis: How wi/t Daiwa be placed to exploit 
moves in the main financial centres of New 
York, London and Tokyo toward a more in- 
tegrated system and a "24 hour market"? 

.Kimura: Daiwa is, of course, well repre- 
sented internationally but I believe there is still 
much to accomplish before we gain complete 
co-operation between our subsidiaries in these 
three main centres. Increased computerisa- 
tion is important. At the moment, the barriers 
are more technical than cultural. 


It will be important for us to deal all the 
same type of securities on one book. For 
instance; if it is domestic Yen bonds, then all 
dealing should be controlled by Tbkyo. At the 
moment, we here in London are given offers 
by Tokyo in the morning and we work - on them 
but it is not an automatic flow. Eventually Lon- 
don would control the books of all the Euro- 
security dealing; Eurobonds, Euro issues for 
Japanese issuers and so on. 

Davis: What other changes will Daiwa face 
as the markets and the securities houses become 
more international? 

Kimura: We have offices throughout the 
world and we see increasing deregulation 
everywhere. Barriers are coming down. This 
means that if you rely on one market, in our 
case Japanese equities and bonds, you will lose 
market share as the big banks and securities 
houses move in from everywhere to establish 
themselves. So Daiwa, like others, will have to 
build firm foundations in the local securities 
markets of the countries where we are involved. 
Vie must concentrate on servicing those local 
markets while at the same time becoming more 
international and encouraging our clients to do 
the same. That is why we have joined “S.E.A.Q. 
International (Stock Exchange Automated 
Quotations International)" in preparation for 
on-screen dealing and have applied . for full 
membership on the London Stock Exchange. 
We feel that more Japanese investors will want 
to deal in UK Government securities and so we 
must be able to make a market in gilts. 

Daiis: Are you anxious to win a UK bank- 
ing licence and how do you believe it would 
enhance your business in the UK? < 

Kimura: I am sure that the technical dif- 
ficulties between the UK and Japan are virtually 
solved so 1 am optimistic that a banking licence 
will be granted within this year. 1 think it is just 
a matter of when and what order they are issued 
to the Japanese houses. Vfe already have bank- 
ing operations in Amsterdam and the Far East 
but that is not really convenient. I am convinced 
that we will benefit when we can establish a 
banking operation here in the financial centre 
of London. 

We all know that banking and securities 
dealing should be separated to avoid conflicts of 
interest and at the moment, of course, the tradi- 
tional banking business is in difficulties. Com- 
petition is lough, margins are coming under 
pressure and it will not be easy for a newcom- 
er like us. It is. however, a long-term project 
and we will start conservatively. The important 
thing is to have a banking subsidiary in Lon- 
don so that we can offer an entire financial 
service under one umbrella. That is .a basis 
for, development. .. . - . - 




Daiwa Securities Co- Ltd. 


Tokyo Head Office: 6-4, Otemachi 2-chome, Ghiyoda-Ku, Tokyo 100, Japan 
Tel: (03) 243-2111 Tetex: J22411 

Daiwa Europe Limited: Condor House. 14 St. Paul’s Churchyard, London EC4M 8BD, U.K. 

Tel: (01) 248-8080 Telex: 884121 

Other Overseas Offices: Paris, Brussels. Amsterdam. Frankfurt, Zurich, Geneva, Bahrain, 

Hon g Kong, Singapore. Seoul. Beijing. Sydney, Melbourne, New York, 
Chicago, Los Angeles, Sto Paulo, Toronto 




-•?• ; y~- ';. «• /■;>* .jx^ i^y-yy^r, v ■■ /•• 


Financial. Times FWfcff l^ay 16 ; ^86 


AMERICAN NEWS 







Terry Dodsrrorth assesses a finance committee proposal attracting moderate corporate sector 


Industrialists applaud Senate tax reform 


3 y Reginald Dale, US Editor* 
in Washington 


THE Soviet Union yesterday 
introduced a draft treaty 

limiting intermediate-range 
nuclear missiles at the Geneva 
arms talks, but at first sight 
it appeared to contain little 
new, the White House said. 

Mr Larry Speaker the 
White House spokesman, 
nevertheless said that it was 
« helpful ” that Moscow had 
presented the proposal with- 
out the usual propaganda 
fanfare. “ We hope this would 
indicate that the Soviets are 
becoming serious ” ahevr it, 
he sai'" N 

The White House released 
no details of the Sovi /. pro- 
posal. sayjns that it appeared 
to he “ a more formal codifica- 
tion of previous Soviet state- 
ments.'’ 

It was understood, however, 
that the Soviet document did 
not meet US demands for 
limits on intermediate range 
missiles in Asia as well as in 
Europe. It was also said to 
repeat Moscow's earlier 
insistence that the British 
and French strategic nuclear 
arsenals be frozen as part of 
an agreement on the inter- 
mediate range forces — the US 
cruise and Pershing 2 and the 
Soviet SS-20 — a stipulation 
that Washington, as well as 
the UK and France, has 
rejected- 

US officials have long 
helieved that the inter- 
mediate range missiles pro- 
vide the best chance for a 
breakthrough on arms 
control. 

At their first summit in 
Geneva last November, Presi- 
dent Ronald Reagan and Mr 
Mikhail Gorbachev, the Soviet 
leader, agreed to try to reach 
an interim agreement limit- 
ing the missiles, which Hr 
Reagan would ultimately like 
to see banned altogether. 

The White House mean- 
while welcomed Mr Gorba- 
chev's call for better inter- 
national co-operation on 
nuclear safety in the wake of 
the Chernobyl accident. It 
added, however, that the US 
was “distressed ” that Mr 
Gorbachev had accompanied 
the call. In his Wednesday 
night television broadcast, 
with accusations that the US 
and other Western govern- 
ments had tried to make poli- 
tical capital oat of the 
accident. 


FOR the past year, US industry 
has had very few positive things 
to say about tax reform. Most 
businessmen believe that uncer- 
tainties over future tax 
provisions are cramping invest- 
ment and expansion plans and 
they are well aware that any 
change is likely to increase the 
overall Treasury take from the 
corporate sector. 

In this unpromising climate 

of opinion. Senator Bob Pack- 
wood and his team on the 
Senate finance committee have 
magically produced a package 
that is attracting at least 
moderate enthusiasm from the 
corporate sector. 

Mr Roger Smith, General 
Motors’ aggressively outspoken 
chairman, has set the general 
tone of much of manufacturing 
industry, saying that the finance 
committee deserves applause 
all round. “While important 
details have not yet been clari- 
fied," he said, “they have come 
up with a package that looks 
like true tax reform. It has 
momentum and should move 
through the Senate and into 
conference as quickly as 
possible." 

The basic feature of the 
Senate plan, which is expected 
to raise the tax from business 
by about SlOSbn (£70bn) over 
five years, is to bring in a mini- 
mum company tax of 28 per 
cent and a top corporate rate 
of 33 per cent. These would re- 
place the present system of a 
46 per cent top rate which is so 
riddled with concessions that 
some companies have been able 


to shelter all of their federal 
taxable income from the 
Treasury over the last few 
years, while virtually every 
company pays well under the 
limit. 


In addition, the Senate project 
would continue to allow 
accelerated depreciation on 
equipment — a big plus with the 
manufacturing sector — while re- 
ducing the depreciation allow- 
ance for property. It would 
repeal the investment tax 
credit for expenditure on capi- 
tal equipment of betwen 6 and 
10 per cent, and would raise the 
tax on long-term capital gains 
to 37 per cent from 20 per cent. 

The rate on short-term capital 
gains on investments held for 
less than six months, however, 
would be cut radically from 50 
per cent to 27 per cent. 

Underlying the corporate 
reaction is the feeling that the 
Senate finance committee's pro- 
posals constitute a better option 
than the alternative proposals 
from the House of Representa- 
tives. If there has to be a bill, 
industrialists are suggesting, it 
would be better to follow the 
Senate track than the House's. 
At the same time, companies 
feel that, now there are accept- 
able proposals on the table, it 
would be healthier to remove 
uncertainty by pushing them 
through as rapidly as possible. 

This attitude, of course, is not 
universal. Some companies will 
continue to oppose the Senate 
finance version because they 
see it, like the House proposals, 
as essentially a tax increase 



Roger Smith of General Motors (left) and T. A. Wilson of Boeing: 
both supporters of the plan 


According to many 
economists, the overall effect 
of the suggested measures 
would be to return the cor- 
porate tax take to about the 
level of the late 1970s, before 
the heavy tax reductions which 
marked the pioneering early 
days of the Reagan 
Administration. 

Indeed, some companies may 
well lose significantly under 
the Senate finance committee 
plan — particularly those that 
have sheltered virtually all of 
income from tax over the last 
few years by judicious use of 
investment tax credit allowances 
and higher depreciation 
schedules. These companies 
would have to pay a minim um 
tax of 20 per cent on their 
earnings under the provision. In 


the Senate finance committee’s 
proposals aimed at stemming 
the criticism that giant corpora- 
tions like General Electric and 
BoeiDg ought to be paying 
something to the Treasury. 

Even so, some of these com- 
panies seem to believe that the 
benefits of th eproposed new 
system outweigh the disadvan- 
tages. “ I'd just as soon we have 
some kind of minimum tax and 
take a lot less of this flak," 
Mr T. A. Wilson, the chairman 
of Boeing, told reporters at the 
meeting of the influential 
Business Council last week. 

Other top businessmen have 
given strong support to the 
Senate committee's aim of 
producing a tax regime which 
does not subsidise specific 
sectors at the expense of 


others. They also., argue that, 
while the proposals have 'some 
negative aspects,', the overall 
Impact of the ' - proposed 
measures flhoald be to stimu- 
late the economy— and there- 
fore help industry— through 
putting more spending power 
in the pockets of the Am e ri c an 
public. 

High technology Industries 
are also looking favourably on 
the Senate's plans. : Because 
their investments tend to he 
lighter than those in traditional 
manufacturing* - with, expendi- 
ture heavily concentrated- on 
the cerebral . business of 
research and devel op m e nt; they 
have not benefited as. British as 
heavy manufacturing from the 
1981 measures. But under the 
Senate programme, they would 
he able to keep their valuable 
research allowances, while 
their overall taxes should 'come 
down because of the lower 
corporate rates. 

Among the suggested 
changes causing the most 
anxiety is the plan to increase 
capital gains tax from 30 per 
cent to 27 per cent This Is 
causing a great . deal of ques- 
tioning in the venture capital 
community, which has had a 
field day since. the capital gains 
rate was reduced from 28 per 
cent in 1981.- Since then, 
funds have flooded into start-up 
businesses, rising from well 
under $lbn (£649m) a year in 
1980 to more than $4bn in 1983 
and 1984 and holding up at 
$3bn last year. 

Many venture Capitalists 


attribute the 

surge in emreprenfflirUl acti- 
vity in the US over.tbe past five 
wars to "the change in •- 
capital gains .tax. Sqn8--*M 
worried ^hat this. ettflrasW 
would drain away under the 
Senate plans, 

: Compared with the .present 
corporate tax regime., the 
smokestack industries' may also 

be losers Under the. "Senate 
plans. Both the invest 
tax credit and accelerated 
depreciation allowances are, trig 
pluses -for these sort of cow-, 
parries. Yet, while they- would- 
lose the investmenfr&x credit, 
the Senate committee would 
give even more.--; generous 
depreciation allowances— -and it 
has to be remembered -that 
these companies need to have 
profits against whkg^ to offset 
the -allowances* a position ,that 
most of the steel^companies 
have, not been in iter-- several.. 

.years. \ _ • ’ 

• Finally-, .the real estate 
business stands to be a ' heavy 
loser under the Senate finance 
proposals, partly : because 

- depreciation - , schedules are. 
being made less generous for 
property and. partly' due to the 
elimination - of tax shelters 
which had encouraged wealthy 
individuals to invest;- in pro- 
perty. -But there ard unlikely 
to be' many tears shed in 
industry about potential prob- 
lems in real ' estate* whose 
investments are frequently 
regarded by manufacturers as 
a drain on the '-productive 
resources of the: country. 


Age proves no barrier in Dominican Republic poll 


BY ROBERT GRAHAM IN SANTO DOMINGO 


ANY ASPIRING gerontocracy 
should take heart from the 
presidential and parliamentary 
elections in the Dominican 
Republic where two politicians, 
close to being octogenarians, 
have proved that age is no 
barrier to political ambition or 
popular enthusiasm. 

As the campaign wound up 
before voting today, Mr Joaquin 
Balaguer, the 78-year-old leader 
of the right wing Reformist 
Party (PRSC) and Mr Juan 
Bosch, the ' 76-year-old founder 
and leader of the leftist 
Dominican Liberation Party 
(PLD) were both claiming to 
have pulled larger crowds than 
their principal rivals. 

However, Mr Jacobo Majluta, 
aged -52, the candidate of the 
ruling centrist Dominican 
Revolutionary Party (PRD) is 


still the front r unn er. 

His chances were reinforced 
when Mr Balaguer conceded 
that he had gone blind, a fact 
which his opponents knew but 
had not exploited until this 

week. 

The race is unusually open 
and the uncertainty of the 
outcome and the high profile 
of the candidates has brought 
people onto the streets in a 
way never before witnessed 
by the Caribbean’s largest 
democracy. 

Despite a persistent fear of 
violence, incidents have been 
limited. Hoe worst was a shoot- 
out near the capital Santo 
Domingo last week, in which 
two people were killed. 

A whiff of fraud hangs over 
the electoral roll, with opposi- 
tion politicians wondering how 


half the young pepulation of 
6m could be over the voting age 
of 18. 


For the first time since the 
US seat in marines 31 years 
ago, Washington is standing 
aloof from the electoral process, 
though it would clearly prefer 
either Mr Balaguer or Mr 
Majluta to win. 

The powerful business com- 
munity and the military also 
apparently do not mind 'which 
of these two is elected but Mr 
Bosch, who is relying on the 
working class vote in this 
country with 30 per cent un- 
employed. is viewed Tather 
differently. 

The outgoing Administration 
of President ■ Salvador Jorge 
Blanco has executed a model 
stabilisation programme to 


cope with the republic’s $3.4bn 
(£2_Zbn) foreign debt. For this 
reason, economic issues, though 
still dominant in the candidates* 
manifestos, have figured very 
little in campaign propaganda, 
which bas focused on the per- 
tonalities . of the candidates 
themselves. 

Mr Majluta has the freshest 
appeal and is least encimbered 
by controversy. H is main dis- 
advantage is the public 'mood 
for a change of administration. 
For the PRD has been in power 
for eight years and is .accused 
of establishing too • much 
patronage. ■ “A rich country 
poorly administered " . is a 
Balaguer slogan. 

The •• attraction of - Mr 
■ Balaguer is 'less- personal than 
symbolic. He .represents a 
change of -administration. He 


..has also procured an energetic 
vice president, Mr : . Carlos 
Morales Troncoso, who - has 
been mauager of Xa- Romana, 
the huge sugar and tourist 
empire formerly owned by Gulf 
and Western. The presence of 
Mr Morales helps Mr Balaguer 
live . down the Act of his 
blindness. “Since this Was 
admitted Mr Balaguer’s 
opponents have said if he can- 
not read; he - cannot., sign 
documents and is therefore 
unfit to govern. . V ! ‘r'.- 

Mr Bosch’s age has nof c beeir, 
an issue but he is attacked for 
being an atheist in"- this pro- 
foundly Chris tian ’ e ra in fr y 

Although he is unlikefy.ftywjjj, 
Mr Rosfch hag found' a; sti ~ 
constituency "which at least 
give him a powerful voice In 
o p pos ition . ■ • - 



Samdflflor 




-Vf»- . ar-_*ic 

.JL. - . 7 .<■* jT 


OVERSEAS NEWS’ - - 


ANC set to reject 
peace initiative 


for South Africa 


US, French 

hostages 

threatened 


S' 7 '• . • v.::\ 


Junejo aims to amend Pakistan electron law 


BY JOHN ELLIOTT IN ISLAMABAD 


, •’•A-/ i . .1 

* ’ '-I • - . 


7 * • . - V:‘vX'i 


in Lebanon 


BY PATTI WALDMEIR IN LUSAKA 


PROSPECTS for early negotia- 
tions between the South African 
Government and the African 
National Congress (ANC) 
looked dim last night as top 
ANC officials met in Lusaka to 
consider a proposed Common- 
wealth initiative to bring the 
two sides together in peace 
talks. 

After two days of talks at its 
headquarters in Lusaka, the 
ANC's national executive com- 
mittee, its ruling body, appeared 
likely to reject the initiative, 
which would require the ANC 
to abandon its guerrilla war 
against Pretoria in exchange for 
the release of Imprisoned 
leader, Mr Nelson Mandela, and 
the legislation of the organisa- 
tion in South Africa. 

The so-called Commonwealth 
" e miner,’. persons group ” 
(EPG) currently in South 
Africa for talks with President 
P. W. Botha, and Mr Mandela, 
is expected tovist the Zambian 
capital within days to put its 
proposals for a truce to the 
ANC. Although ANC Officials 
stress that they have not yet 
received any direct proposals 
from the Commonwealth group, 
they are understood to have 
detailed information. . on the 
peace plan now under discus- 
sion between the EPG and 
Pretoria. 

The EPG — headed jointly by 


Mr Malcolm Fraser, former 
Australian Prime Minister, and 
General Olusegun Oba Oba- 
sanjo — is due to present a 
“ progress report ” on South 
Africa to the Commonwealth 
next month. The purpose of 
the report is to guide the Com- 
monwealth leaders in deter- ; 
mining whether to impose 
economic sanctions against i 
Pretoria. 

ANC officials say privately 
that the executive committee 
is overwhelmingly opposed to 
an Immediate ceasefire and the 
opening of negotiations, both 
because of their deep suspicions 
about President Botha’s motives 
in apparently supporting such 
a plan, and because of concern 
that the move might jeopardise 
the ANC’s support among radi- 
cal blacks in the Republic's 
riot-torn townships where the 
declaration of a truce might be 
seen as capitulation to the 
regime. 

“ We must be convinced that 
President Botha has accepted 
the principle of the transfer of 
power to the majority in South 
Africa before we can consider 
a ceasefire and the initiation of 
talks.” said one top ANC 
official. “The bottom Une is 
that we do not believe that he 
has yet accepted this principle. 
And if he hasn’t, then what are 
we being asked to negotiate 7 ” 


By Nora Boustany in Beirut 


THE clandestine- “ Islamic 
Jihad ” organisation yester- 
day threatened that US and 
French hostages it is holding 
would be the first to pay the 
price for any pressure 
exerted against Syria for 
their release by Parts, Wash- 
ington or other Arab 
countries. 


An anonymous caller, 
claiming to speak on behalf 
of the secretive group, 
warned in a telephone state- 
ment to an international 
news agency here that if 
pressure against Syria’s Presi- 
dent Hafez al-Assad per- 
sisted, “ we will resort to our 
destructive method.” 

Without elaborating, he 
also said the number of 
French hostages Che group Is 
holding has decreased because 
“ we have liquidated a 
number of them.” 



Mr Junejo: asserting bis 
authority 


THE PAKISTAN Government 
is taking controversial steps to 
try to strengthen its base in 
the country’s parliament. It 
wants to be able more effectively 
to resist calls for early general 
elections being issued for the 
past month by Miss Benazir 
Bhutto, daughter of the late 
President Zulfikar Ali Bhutto, 
and leader of the Pakistan 
People’s Party. 

A parliamentary ordinance 
has been issued cancelling elec- 
tion laws which might have 
forced Mr Mohammed Khan 
.Junejo .the Prime Minister, and 
up to 170 of his party members 
in the National Assembly, to 
face early by-elections. 

• Mr June jo’s ruling. Moslem 
League Party is also consider- 
ing this weekend whether to. 
.try to dismiss the speaker of 
: .The Assembly, Mr Fakhar Imam, 
iind independent member who 
has annoyed the Government 
on a number of occasions. 


In an interview yesterday Mr 
Junejo attempted to dismiss the 
ordinance, which is causing con- 
siderable political- controversy, 
as a “ very small thing of no 
relevance.” 

But his action, taken suddenly 
this week to avoid an imme- 
diate challenge in the Assembly 
which is now In recCss. may be 
challenged in the Supreme 
Court and could lead to a major 
constitutional row. 

Hr Junejo and his fellow 
party members broke disquali- 
fication. clauses in the election 
laws by joining their new 
Moslem League Party and by 
becoming its officers in January 
before the party was legally 
registered. Mr Imam annoyed 
the Government as speaker by 
admitting parliamentary refer- 
ences on this issue and this 
'VfOek the ordinance has re- 
moved the clauses from the law 
with immediate effect subject 
to confirmation by the Election 


Commissioner add Assembly. 

Mr ; Junejo ‘ became Prime 
Minister last year and has been 
asserting his authority as the 
country’s-' “chief executive " 
over President Zla ul-Haq, the 
former martial law admini- 
strator who ended martial rule 
on January 1, The two men are 
reputed to have had major 
differences. But the issuing of 
the oridance, initiated by Mr 
Junejo and issued by the Presi- 
dent indicates that they have 
decided to come together to 
avoid any risk of by-elections 
which would have enabled Miss 
Bhutto's party sharply to 
increase its political activities. 

But the oridance may also 
strengthen the relative power of 
President Zia over Mr Junejo 
because the Prime Minister may 
have the threat of possible 
Supreme Court judgment 
against him hanging over his 
head. 

In yesterday's interview Mr 


Junejo repeatedly -assertt^Ss 
authority as “chief crXecfftiy®'' 
- and insisted that the anr^SSd 
no.rble In -rioming the^oig^tfy, 
even though President ;Zi«\,bis 
maintained the raid of efrtefrof 
army staff. 

“It is my Government and 
the generals have nothing to do 
with it." He also firmly rejected 
Miss Bhutto’s calls for elec- 
tions in advance of the due date 
of 1990 and said that his Gov- 
ernment was “quite capable" 
of h a ndl ing any disturbances 
she might create without calling 
on the army or reintroducing 
martial law. 

TT X* Junejo expects to visit the 
US in the autumn when he will 
discuss US policy over 
Afghanistan and the aid it pro- 
vides to Pakistan. Yesterday Mr 
Junejo agreed with a suggestion 
that in the current Geneva talks 
Pakistan wants Russian troops 
withdrawn from Afghanistan 
within “ three to Rir months 


John Elliott, South Asia Correspondent, reports on rivalry in the business elite 


Botha is determined to 


move ahead with reform 


SOUTH AFRICA'S President 
P. W. Botha said yesterday ins 
Government was determined to 
move ahead with reform and 
would seek approval from 
voters through elections or 
referendums. AP reports from 
Johannesburg. 

In an apparent reference to 
black rioters, Mr Botha 
threatened those who resorted 
to violence for political aims 
that " the full might of the 
state . . . bas not even remotely 
been fully -employed." 

Mr Botha's televised speech 
to the President’s Council, an 
advisory body to -parliament in 
C3pe Town, broke no new 
groued in spelling out how 
Pretoria planned to move for- 
ward on its pledge to share 
power with the v ore Jess black 


majority. 

He said reform must be a 
process of negotiation with all 
sides, and “I am constrained 
to decline requests about -the 
end product -precisely because 
it must he a product of negotia- 
tion." 

Mr Botha said reforms would 
be taken through parliament, 
according to the constitution, 
and not through any other 
forum. “ This includes the 
possibility of general elections 
or a referendum, in the case 

of drastic deviation from 

already accepted policies,” 

The Government has 
repeatedly stressed that the 
rights of the white minority of 
nearly 5m must be protected in 
any system of power-sharing 

with the black majority of 24m. 


In March, Mamie Jihad 
announced the execution of a 
French sociologist, Mr Michel 
Seurat. 

In addition, the Islamic 
Jihad said last October that 
it had “executed” Mr 
Wfflbun Buckley, a US 
embassy official suspected of 
being a member of the 
Central Intelligence Agency, 
in retaliation for alleged 
American complicity In the 
Israeli air strike on tbe Tonis 
headquarters of the Palestine 
Liberation Organisation. 

Their bodies have never 
been found. But, If the 
elaims are correct, that would 
leave four American and 
three French hostaees alive. 

Our Foreign Staff writes: 
Islamic Jihad is generally 
regarded as being an 
extremist fringe group affili- 
ated with Hezbollah, the 
militant Iranian-backed 
ShTite organisation. 


Indian magnates fall out over trade body 




A FEW years ago Mr Sudarsban 
K. Birla, a prominent member 
of India's leading business 
family, invited to tea the presi- 
dent of the Laundry Association 
of Amritsar, a tiny trade 
organisation in a Punjab city 
now made famous as the centre 
of Sikh extremism. 

The subject of discussion was 
not the Sikhs, nor even the 
substantial laundry business 
done for Mr Birla’s Amritsar 
woollen mills. 


Troika for Kabul 


THE Afghan Communist 
Party chief, Gen Najibollafa, 
yesterday announced a collec- 
tive leadership, which 
Includes him. President 
Bahrak Karmal and 
Prime Minister Sultan All 
Kishtmand, Reuter reports 
from Islamabad. Gen Naji- 
boliah replaced Hr Karmal 
as party leader last week. 
Editorial Comment, Page 22 


Instead Mr Birla persuaded 
the laundry association to join 
several other small trade groups 
around the country and become 
one of his “ bogus " or " con- 
trolled" members in the Federa- 
tion of Indian Chambers of 
Commerce and Industry (Fieri). 
India's main body representing 
trade and industry. He and 
his friends wanted to control 
the federation and were con- 
testing with a rival group to 
see who could gather the most 
members. 


Resigned 


Five years later, these 
internal political manoeuvring* 
have erupted into a major row 
and several leading companies 
with international reputations 
have resigned from the federa- 
tion, potentially weakening its 


representative role at home and 
abroad. 

The row bas also split India's 
leading Marwaris — a business 
community which originated in 
Rajasthan and which dominates 
many sectors of industry — into 
those who support tbe far-flung 
Birla family and those who do 
not. Birla companies rival the 
Tata industrial empire as the 
largest group in India and have 
assets and turnover both 
exceeding $3bn. 

Mr S. K. Birla, aged 51, runs 
one of the smaller parts of 
the family empire with interests 
In cement and textiles, and a 
turnover he estimates at S600m 
a year. He is the main repre- 
sentative of the family in Fieri 
affairs where he teams up with 
another well-known Marwaris, 
the Modis of Delhi and Uttar 
Pradesh, to form the “Birla- 
Modi Group.” 

His rivals, linked with the 
Indian Merchants Chamber of 
Bombay are also Marwaris. 
They are the Delhi-based J. K. 
group run by Mr Hari Shankar 
Singhania. which is the coun- 
try's third largest business 
house and operates in many 
industries with a turnover ex- 
ceeding $1.2bn. and the Bennet 
Colman group, run by the Jain 
family whose industrial assets 
have dwindled in recent years 
but include the Times of India 


and the Economic Times, two of 
the country’s main newspapers. 

The battle, in the words of 
Mr Sudarsban Birla who- ’ is 
known as SK in a family 
generally distinguished by their 
initials, is all about “ego.” 

“ It's a question of who wields 
power and has prestige and it 
straddles family and marriage 
links and friendships " says 
another industrialist. 


Debate 


“No-one has ever suggested 
there is any issue of policy in 
Fieri involved. No Fieri policy 
has ever figured in the debates 
and rows," says an experienced 
observer. 

Fieri is an Important power 
base because, with about 1.200 
company members and about 
400 genuine association mem- 
bers. it is recognised as India’s 
main business organisation. It 
has a staff of 150. large offices 
in the heart of Delhi which are 
now being re-modelled, and 
links with 34 foreign countries 
through joint business councils. 

It was set up after India's 
independence by Indian com- 
panies which wanted to estab- 
lish their own independence 
from another organisation domi- 
nated by British-based com- 
panies, the Associated Chamber 
of Commerce' and Industry 


which now ranks second after 
Fieri. A third organisation, the 
Association of Indian Engineer- 
ing-Industries, is .beginning to 
rival these two. 

The row in Fieri blew up in 
the late 1970s when the Indian 
Merchants Chamber is said to 
have started recruiting the con- 
trolled and sometimes entirely 
bogus members. The Birla- 
Modi group and then the 
Singhama-Jain responded. Fie- 
ci's total number of associations 
shot up frdm Jess than 500 to 
1.600 between 1982 and 1985 
boosting the Federation’s mem^ 
bership dues of Rs 10m 
(£590,000), by Rs 12m 
(£70.000). presumably paid by 
the warring groups. 

„ Mr P- Goenka, a leading 
Marwarl industrialist and this 
year’s Fieri president who i s 
regarded as an independent 
with leanings towards the Birla- 
Modi group, promised to try to 
solve the problem last year 
About 950 of the bogus and 
controlled members were then 
persuaded to resign, but there 
is a dispute over the remainder 
The Blrla-Madi group say those 
left are equally split between 
the two factions, and the 
Slnghania-Jain group say thov 
are virtually all Birla-Modi surf- 
porters. * 

The issue finally blew up 
last month when attempts at 


consensus within Fieri oif sfctlor 
posts led to a deadlock .pvetwlw 
should be made presrdefnt 'iie^t 
year of the Iadfe National fcom- 
mittee of the International 
Chamber of Commerce. The 
rivals are Mr S. KL Birla and 
Mr Singhaoia. Both want the 
usually uncoveted job because 
of the immense prestige and 
bl ?J? n - Sa opportunities which 
will flow from being the host 
along with Mr Goenka Of the 
.International Chamber's mas- 
sive three-yearly convention in 
Delhi next February. 


Issue 


Budged by die dispute over 
tms job, and using, the continu- 
' fog " controlled” members dis- 
pute as the primary issue, many 
of India’s leading companies 
have resigned. •: 

" Reputable businesses don’t 
resign just because S i ngfr anfa 
doesn't become president, but 
or. deeper issues, ft has be- 
come obvious to all of tis that 
consensus will only, work in 
f 1 , 1 ®} when It suits the -Birla- 
«odl group,” says Mr Arixok 

* uture of Pied now de- 
pends oa whether the egos” 
™ Power broking lead -to more 
resignations and even the craa 
body 0 * a n ew representative 





I 




_ A 






i 


-•ii/'V: 


The alternative for the individualist. 

When you get to know the 
BMW 535i ‘Shadow', you wiii be 
fascinated in a way that words can 
scarcely express. 

The BMW 535i 'Shadow' - 

the adventure: 

to a test drive. ^IbJ!P 


innovative technology, for instance 
an antilock braking system (ABS) 
as standard equipment. 

A masterly technical 
achievement, clad in bodywork of 
lasting elegance. Unsurpassed 
dynamic potential, subtly 
suggested by the restrained 
'Shadow' visual features: black 
window surrounds and side 
rubbing strips, body-colour door 
mirrors and bumpers. 


out-accelerates monotony. 

It is powered by a 3.5-litre, 
six-cylinder from the company 
that builds Formula One engines, 
monitored and controlled by 
Digital Motor Electronics. 

For sporting high performance 
in perfect harmony with the 
refinement so typical of a BMW. 

A skilful blend of superb handling 
and active safety. 

German engineering combined with 


Sooner or later, reality takes 

over from the dreams of youth. 
Success becomes part 

of a schedule, and covering long 

distances loses any sense of 

a *Syou recapture the sheer 
driving pleasure you enjoyed before 

routine took hold, in a rather 

special car: CH , 


BMW 535 i ‘Shadow’, 

This is the car that 













v -v- 


James Stirling’s designs, showing the Mansion House, left 


Busmess takes off with Fakon 


UK NEWS 


Two BL chiefs I Manufacturing output shows Electricity SE fights to remove 


leave as 
takes over 


sharpest reverse for 6 years 


BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT 


MR RAY HORROCKS and Mr Dav- 
id Andrews, the two executive di- 
rectors who have shared responsib- 
ility for the day-to-day operations of 
BL, the state-owned vehicles group 
for the past five years, are expected 
to leave the company shortly. 

They seem to have been given 
little alternative by BL's new chair- 
man and chief executive, Mr Gra- 
ham Day, who moved from British 
Shipbuilders on May 1. 

Mr Day. aged 52. has taken per- 
sonal responsibility for BL's car di- 
vision - which includes Austin 
Rover. BL Technology and the 
Unipart spare parts busines - 
which Mr Horrocks has headed 
since April 1981. 

Mr Horrocks was "reviewing his 
position", BL said last night. 

Mr Andrews was expected to re- 
turn to BL, where he has been re- 
sponsible for the Land Rover- Ley- 
land commercial vehicle operations, 
after taking a leave of absence to 
lead the team which hoped to orga- 
nise a management buy-out of the 
Land Rover company. 

Unexpectedly, he was asked to 
extend his leave of absence and it 
now seems unlikely that he will re- 
turn. 

In the meantime, Mr Horrocks, 
who temporarily took control of 
Land Rover-Ley land during Mr An- 
drews' absence, has agreed to con- 
tinue in this role for a short time so 
as to provide some continuity. 

Mr Horrocks, 55, who last year 
was paid about £95,000 by BL, pre- 
viously worked with Ford and Ea- 
ton Corporation before being recrui- 
ted to BL by Sir Michael Edwardes, 
then its chairman, in 1977. 

He claimed recently he had been 


“disciplined" by Mr Paul Chanson, 
the Trade and Industry Secretary, 
for leading the opposition within 
BL earlier this year to a merger of 
Austin Rover and Ford, an idea 
which at that time had considerable 
attractions for the UK Government 

He was punished, he suggested, 
by being passed over for the chair- 
manship of BL in favour of Mr Day, 
who is widely believed to be Mrs 
Margaret Thatcher's personal 
choice. 

Mr Andrews is believed to be 
BL's highest-paid executive, receiv- 
ing £98,367 in 1985. Until now. he 
has been known as the group's 
“great survivor," having joined as fi- 
nancial controller from Ford of Eu- 
rope in 1969. 

He survived the far-reaching 
purge of top management imple- 
mented by Sir Michael after his ar- 
rival in 1977. 

For some time, Mr Andrews was 
Sir Michael's vice-chairman and 
then took control of the commercial 
vehicle operations when BL was 
split into two divisions. 

He upset some senior Ley land 
Trucks managers by taking leave of 
absence during the talks with Gen- 
eral Motors when the US group 
hoped to buy both Land Rover and 
the Leyland Truck operations. Ne- 
gotiations collapsed when the UK 
Government told GM that Land 
Rover could no longer be included 
in thedeaL 

The Andrews consortium’s bid for 
Land Rover was later rejected by 
BL, together with others from Lon- 
rho and J. C. Bamford. BL said it 
would keep Land Rover with the 
idea of floating the company on the 
stock exchange in about two years’ 

timp 


BY GEORGE GRAHAM 

BRITISH MANUFACTURING in- 
dustry in the first quarter met its 
sharpest reversal since 1980, new 
figures published yesterday show. 
Manufacturing output in January 
and February was worse titan origi- 
nally indicated, and it fell further in 
March, the Central Statistical Of- 
fice (CSD) said. 

The index of output for the manu- 
facturing industries is provisionally 
estimated at 102.3 for March, leav- 
ing first-quarter output 1 per cent 
lower than in the last three months 
of 1985. and the same amount lower 
than the same period a year earlier. 

The announcement was greeted 
with gloom in the City of London 
where analysts said it meant many 
companies would bear the full 
brunt of rising wage costs without 
offsetting productivity gains. 

Cold weather boosted output by 
the energy industries in the first 
quarter to a level 4fc per cent higher 
than in the previous three-month 
period. 


dispute 
halts tariff 


Output in the production indus- 
tries as a whole - including both en- 
ergy and manufacturing - was £ 
per cent higher in the first quarter 
than in the Last quarter of 1985, and 
2^ per cent higher than in the same 
period a year earlier. 

The announcement supported 
earlier evidence from the Confeder- 
ation of British Industry (CB1) that 
British manufacturers had seen a 
downturn in activity in the first 
quarter. But the CBI said yesterday 
that the figures were depressing 
and appeared to suggest that condi- 
tions had been worse than its own 
survey had indicated. 

The CBI said high borrowing 
costs were still hurting industry 
and called for a further cut in bank 
base rates - preferably today. 

The sharpest decline came in the 
metals industry, where first-quarter 
output was 3 per cent lower than it 
had been in the previous three 
months. The chemical industry also 
recorded sharply lower output, and 


electrical engineering continued its 

yearlong decline. First-quarter out- 1 

put iu & sector stood 8X per cent ANNOUNCEMEOT ttat ele 


puu iu kuia KVWl ur. pci wui 

below its peak in the first quarter of 
1985. 

Car production rose sharply in 
March to leave first-quarter output 
higher than in the previous three- 
month period, but other consumer 
industries suffered from declining 
output despite the apparent evi- 
dence of buoyant retell sales in the 
same period. 

Output of man-made fibres in the 
first quarter rose 6 per cent from 
the previous three-month period al- 
though this sector is still showing 
lower production levels than those 
achieved in 1983 and 1984. 

The “bias adjustment" to the 
manufacturing output index, intro- 
duced four months ago in a bid to 
offset an apparently persistent un- 
de ^recording in early estimates of 
output, has continued to embarrass 
government statisticians. 


Railways lose parcels contract 


BY JASON CRISP 

BRITISH RAIL has lost the 103- 
year-old rail contract to carry par- 
cels for the Post Office which will 
instead send them by road. 

The derision is the second recent 
blow to BR's £150m a year parcels 
sector. Jt lost business worth about 
£10m a year when Mr Rupert Mur- 
doch's News International 
switched to road distribution with 
the move of its printing plant to 
Wapping, east London. 

It is believed that the Post Office 
will save £5m to £6m a year by 
switching to road, even after BR of- 
fered to cut its prices by £4m in an 
attempt to retain the business. The 
Post Office was paying BR C13m a 
year for carrying parcels and £40m 
for letters, which are not affected. 


The cost to the Post Office of us- 
ing BR to cany parcels is about 
£20m when other items are in- 
cluded such as the delivery to sta- 
tions. Just over two years ago. the 
Post Office managed to cut the 
price it paid BR for letters by £5m 
and it introduced penalty clauses 
for late delivery. 

BR first wrote to the Post Office 
last September because it was los- 
ing money on the parcels contract 
After lengthy negotiations it of- 
fered to improve the service and cut 
the price by £lm. Under pressure 
from the Post Office it offered a dif- 
ferent option at £9m. 

Because of the additional costs of 
delivering the parcels to BR, the 
Post Office decided it could do the 


job more cheaply itself. 

BR says up to 400 jobs may be at 
risk because of the decision. 

Although BR loses money on the 
Post Office contract, the loss of the 
revenue will be felt because of BR's 
hi gh fixed costs. In the year ending 
March 1985, BR’s parcels sector 
made a surplus of £18.9m before in- 
terest on revenues of £149 .3m. 

The sector includes BR’s own Red 
Star premium parcel service which 
competes with the Post Office. 
Newspapers before the Wapping 
move accounted for £30m of BR’s 
revenues. 

BR believes that News Interna- 
tional may return to rail once its 
dispute with the print unions bas 
been resolved. 




The Falcon 100. 

The million dollar difference 
"f becomes sky-high 
at 45,000 feet and mach .85. 


Where else but in the air can you truly 
appreciate the safety of your business jet? 

If it takes you through storms, ice, high altitude 
turbulence without having to alter its speed or 
course, it is because it has been built exceptio- 
nally strong to weather the toughest conditions 
and more; this is where it differs from its com- 
petitors. The only business jet built alongside 
some of world's best performing military air- 
craft had to offer more- safety and strength to 
airline standards and beyond. You’ve chosen 
total safety and reliability. You're flying the 
Falcon 100. 

Fast - very fast - in fact the fastest of all busi- 
ness jets, the Falcon 1 00 makes for considerable 
time savings on long trips, but it also features 


unequalled safety and ease of handling at low 
speeds. The slower a landing, the safer it is. 
Only two business jets are as slow as the 
Falcon 100; one is just slow, in the cruise too, 
the other is a further Falcon model. Ease of 
handling for the pilot, safe use of many short 
and difficult runways off-limits to other jets. 
You’ve chosen the leading edge in safety and 
performance. You're flying the Falcon 100. 

And moneywise the Falcon 100 guarantees 
you the best possible protection for your in- 
vestment, especially in terms of its resale value, 
universally recognized and appreciated by ope- 
rators. You’ve chosen a safe and solid value. 
You’re flying the Falcon 100. 

Safety, performance, high resale value - all 


advantages that explain why industry’s leaders 
- including IBM, Sony, Rank Xerox, Saab, 
Volvo and many more - have chosen the peer- 
less Falcon 100. 

r Plan sand me die Falcon 100 color brochure. □ pi 

! I wenid tike a saJ« presentation. □ u , 


( Company. 
1 Address— 
I City. 


Country.. 


I Now flying a 

• Ptaaw rabvn this coupon to Mr. Paul Delorme. Dassault International 
j 27 ruedu Protesseur PaudMt- 92420 Viucrenon .prance. 

I Tel. (33.1) 47417V 21 -Teh* 203944 Anwd*. 

I 


AN ANNOUNCEMENT that elficfri 1 

city tariffs were to go up by less 
than expected and would then be 
frozen until March 198& was .can- 
celled at the last minute yesterday 
because of the collapse of the power 
station workers’ pay talks, Maurice 
Samodson writes. 

Instead, the Electricity Council is 
making contingency plans to safe- 
guard electricity supplies from May 
24 when the power workers are due 
to start awork-to-ruie. 

The council had drafted a state- 
ment apparently saying that 
monthly tariffs from July 1 would 
go up by only about 2 per cent, in- 
stead of about 5 per cent as expect- 
ed earlier. It would also have held 
out the prospect of a tariff freeze 
until the end of the following finan- 
cial year. 

The announcement had been 
drafted on the basis of an agree- 
ment concluded by the Central 
Electricity Generating Board and 
the National Coal Board about 
cheaper coal prices to power sta- 
tions. 

The agreement was due to be 
signed in about a fortnight's time 
once it bad been cleared by the 
Government. This timetable cooki 
be affected by a prolonged dispute 
in the electricity industry. 

Overtime ban. Page 10 

□ Systime, the computer group, 
frag rfpmgd Any guilt after its settle- 
ment of the S600.000 civil penalty 
with the US Commerce Department 
for re-exporting US technology 
without authorisation. 

The company said in a statement: 
“Systime has made the settlement 
to avoid long and expensive legal 
proceedings with the attendant ne- 
gative affect on its business. The 
settlement is not an admission of 
any wrongful action bat a pragmat- 
ic business decision.’’ 

Systime was alleged to have 
m»d» 23 shipments worth more 
than S4m of US computers to Libya, 
Syria, India, Pakistan, Malaysia, 
Singapore, Switzerland and Zim- 
babwe without authorisation to re- 
export 

□ PROTESTANTS mounted a seri- 
es of protests in Ulster to mark the 
six months anniversary of the ago- 
ing of the Anglo-Irish Agreement 
which gives Dublin a say in the af- 
fairs of the province. 

In one protest 12 Democratic 
Unionist Party members of the Nor- 
thern Ireland Assembly occupied 
the switchboard room at Parlia- 
ment Buddings at Stormont for 
three hours, holding up the work of 
some government departments. Po- 
lice broke down the door with a 
hammer and the protest ended 
peacefully. 


BY RICHARD TOWONS,.. 

THE STOCK EXCHANGE; Bis 

fiercely attacked the Government* 
proposal to exclude shares quoted 
on the unlisted securities market 
fijSM) from personal equity plans 

ftsays the proposal is unfair tori 
it intends to bring strong pressure 
to bear in - an attempt to have tne 
decision changed. 

Personal equity plans wfire intro- 
duced in the last budget as partot 

the Governments stra tegy to 
gn r ffld individual share ownership. 
When in operation, they will bring 
tax relief on capital gains and in- 
come from share investments of up 
to £2,409 a year. ...... 

The outline proposals published 
on budget day specifically included 
USM-quoted shares in the scheme, 
but the Inland Revenue's more de- 
tailed proposals, published on More 
day, revealed an about-turn by ex- 
cluding them. 

. Mr Lynton Jones, the exchange’s 
imparl of public affairs, said the 
St oc k Exchange was very con- 
cerned by the change. “Presumably 

it’s because it’s a new scheme and 
the fab*™* Revenue wants every* 
thing to be as safe as pbssibje, but 
only, a hanrffnl of USM companies, 
have ever gone bust and there are 
as many examples' of plummeting 
stocks on the main manmt as there 
are on the USM," he said. ■ 

“The hnficrousness of the Govern- 


tax relief on investment in unquot- 
ed designed to ex- 


was seeh as iOo muCb like the main 

■ Mr JaMS^saab .aie Stock Ex- 
change hM Twt been consulted 
about the proposal and had been 


a major point of Bk&'in Correpre- 
sentatiohs totbelnland Revenue,” 
be sai d- v . 

from -me investment ctmamuity. 
MrGeoSrey Douglas^wholeads the 
USM research feawjat Hoare Go- 
vett. the stockbrokers, described it 
asRK^caL.ffl43Dineatved and IB-con- 
sidered. "Ihfe actualtmpact may not 
immediately be apparent, ted tins 
could do serious damage in terms of 
sentiment,” MrDougtaasaid. 

The ^olahd ReVCBpei'ttid yester- 
day that the X&M had been ex- 
daded from the setene because 
ftwt were aimed at smalL fw-**. 
time irrvrestnrs who had little knowl- 
edge of the stock market and 
needed to be proterted from undue 
risk. 

However.-theprqposals were still 

at aconadtative stage and afl rep- 
resentattons wui^ be considered 
before tte finaf plans ; ware d rawn 
iql lltesdMiite&expeceed to come 
intooperoffod next January. 


Shell to abandon £65m 
North Wales pipeline 


BY IAN HAftRLTON FAZEY, NOfYIMStN CORRESPONDENT 


SHELL UK is to dose its marine 
terminal on Anj^esey, off the north? 
west coast of Wales, and abandon 
the £85m pipeline it bmR across 
North Wales in the 1970s to carry oil 
to its Stankrer refinery at Ellesmere 
Port, Cheshire, . 

The 75-mile pipeline, which until 
18 months ago was a prominent fea- 
ture of Sheffs oarporate.advertiritig 
on television, cost £7fim a year to 
operate. •; ■ 

The company says that the etor 

wnwiw! rmly naAn wiai f£ through- 
put reached tee design levels of 
25mtcflines<tf<iflbytiteendtif,thi* 
year. But throughput has beau COOr 
sistentty in the range of 5m total 
tonnes per year, with no prospect, 
given market of this -m - ■ 

creasing. Hie company win now 
ship its crude to Stautow via tee 
Mersey, using 100.000-tonxte tank- 
ers. 

This will faring a benefit to the 
port of liverpool, which lost most of 
its oil cargoes when tee pipeline 


was buflt Lastryear'- lroa tean 3m 
tonne^ of oil Wtoa shipped through 
the port. Tfcearitefris alsfr likely to 
benefit tee Mersey's pilots, who 
have suffered considerable prob- 
lems as shipping- traffic into the 
1 Mersey has dectined. ’ 

. To March, flte Mersey pocks and 
Barbour Company agreed teat 
SheB should takeover the port's oil 
farmfaJ at Tranmere, Birkenhead. 
Previously it had been operated 
Jdnttyi Tbe ne*; arrangement aJ- 
lowed. Statt;to tetrodooe flexible 
working practices a^eed with the 

StohlcnMO that the pros- 
jxjCts o£ Operating the terminal 
mow eco nomi ca ll y were enhanced . 

- Securing tee new working prac- 
tices and control at Tranmere 
paved the way for closure of the 
pipeline^ which was beginning to 
rep r ese n t a serious threat to eco- 
nomic operation of tee Stanlow re- 
finery itself, a large employer in tee 
Merseyside special development 


Alternative £60m developmei 
proposed for prime City site 


BY COUN AMERY, ARCHITECTURAL CORRESPONDENT 


LITTLE MORE than a year after 
the rejection of proposals tor a 290ft 
(88.4 metres) Mies van der Rohe 
tower as part of the redevelopment 
of the Mansion House Square site 
in the City of London. Mr Peter Pal- 
umbo, the site developer, has come 
up with alternative £60m schemes. 
This time they are designed by Mr 
James Stirling, the acknowledged 
leader of new British architecture. 

The earlier scheme was turned 
down after a lengthy public inquiry 
by Mr Patrick Jenkin, who was 
teen Environment Secretary. A re- 
port by the inquiry inspector did 
not rule out complete redevelop- 
ment of this sensitive site despite 
the presence of several important 
buildings listed as being of special 
architectural interest 

Mr Jenkin said re-development 
would be approved “if there is an 
acceptable proposal for replacing 
tee existing buildings." 

The whole debate will now rest 
on the definition of the minister's 
use of the word "acceptable.” As a 
developer Mr Palumbo has done all 
he canto secure a good piece of con- 
temporary architecture that fills 
the complex bill now demanded by 
the City corporation. 

First of all any new building has 
to respect the context of this histor- 
ic hub of the City of London. Secon- 
dly it has to be a commercially vi- 
able scheme that will provide the 
office technology and space for the 
sophisticated demands of those who 


are likely to want to rent this pres- 
tige building at the centre of the 
City's financial operations. 

To meet this almost impossible 
set of criteria Mr Palumbo did not 
appoint a safe commercial archi- 
tect In Mr Stirling he has the de- 
signer of a new extension to the 
Tate Gallery for the Turner Collec- 
tion. Mansion House would be his 
first commercial building in Lon- 
don. His Staatsgakrie in Stuttgart 
won universal praise as one of the 
best new buildings in Europe. 

The two schemes that Mr Stirling 
has produced are both intriguing 
and important examples of a new 
school of contextual modem archi- 
tecture that bote respect the scale 
and quality of the entire neig h hour- 
ing area. 

The site does not this time incor- 
porate any outdoor plazas. The tri- 
angular development has its base 
on Sise Lane, its two long sides on 
Poultry and Queen Victoria Street 
meeting in an apex at the cornier 
facing the Royal Exchange where 
the turret of the Mappln arid Webb 
building now stands. 

T h e re are two clear schemes. 
Scheme A keeps the Mappin and 
Webb building and has a lowish 
tower of 150 feet; Scheme B demol- 
ishes tee entire rite as it is at pres- 
ent and redevelops to an overall 
height of some seven storeys, with 
a new apex corner with a tur- 

ret and a new dock. 

Both schemes have received the 


blessing of the Royal Fine Art Com- 
mission. Mr Norman St John Ste- 
ves, commission chairman , " wa rm- 
ly welcomed” the schemes and said 
that a building designed by James 
Stirling would be an asset to tee 
City of London. 

If it fell to the commission to 
make a choice between tee two 
schemes, "there is a prefe re nce for 
the scheme that incorporates the 
Mappin and Webb building, as a 
majority of commissioners would 
like to see such a familiar landmark 
retained," he said. 

If there is to be another wave Of 
controversy about the redevelop- 
ment of a key City site that is now 
surrounded by scaffolding and is in 
a condition of nascent collapse It is 
likely to hinge on the question of 
the loss of some seven listed build- 
ings in a Conservation Area. 

It is time that conservationists 
looked at tee quality of tee build- 
ings that are proposed to replace a 

Collection Of tmwnreptinnal lfith 
century commercial buildings. Hie 
James Stirling proposals will be 
faced in finely detailed Portland 
Stone and granite wnd will mute 
co n sci o us and. interesting refer- 
ences to the immediate surround- 
ings. 

In terms of the new City of Lon- 
don plan this new development will 
offer the new sort of office accom- 
modation, 15 ft high rooms to take 
computer anri necessar y wiring *»»d 
room for 10,000 sq ft dealing roams 




- 


Try telling a lifelong Man.Utd. fan there are no more tickets. 







# 









Or even worse, try telling his son. 

.. . lf you are running one of the world’s best supported clubs, you cannot 
afford to let your fens be locked put by digital gremlins when there are tickets sn 

available. That will. never happen at Man. United. , 

When the club approached Price- Waterhouse for advice on what kind of 
; ■ ^=pH : ; Hcket system to install, we understood their need for absolute 
reSty. So werecommended a system, specially designed for football grounds, 

' u 4 ■ fait safe ^ mechanism. 

As pan of' «he policy of implementation we call “getting our hands dirty; 
we supervjsed the specifications for add selection of tenders from the different 


management information needs. (Regretfully we still know of no computer that 
can play midfield.)The new system at Man.United is capable of all these functions 

- solely through the addition of software. 

This kind of computer strategy work comprises up to 50% of our consultancy 
time at Price Waterhouse - for businesses which vary in turnover between the 
value of a few apprentices and five hundred Bryan Robsons. 

To those who think Price Waterhouse consultants are just resprayed 

accountants, this may come as a surprise. 

To Man. United, on the other hand, we are computer experts who help make 
sure their club is run as efficiently as possible. Tickety boo, you might say. 


ButSio the club should look to the full range of potential 

WrpriM and all of the 


uses 


for its system -the bars, the restaurants, the pools and lotteries and all ot the 


Price Waterhouse ^ 


ill. 














10 


financial Times Friday May l6 : 1936 


UK NEWS 


SWEEPING REORGANISATION PROPOSED FOR ENGINEERING INDUSTRIAL RELATIONS 

Employers seek single-union deals 



BY PHILIP BASSETT. LABOUR 

ENGINEERING employers in Brit- 
ain are seeking a big extension of 
single-union deals. Confidential 
proposals have been put to engi- 
neering unions on behalf of 5,500 
companies covered by the Engi- 
neering Employers’ Federation 
(EEF). 

The EEF wants ail member-com- 
panies to reshape their agreements 
along the lines of single-union re- 
cognition - a move which would 
mean the largest reorganisation of 
industrial relations ever seen in 
British industry. Tt would carry 
widespread implications for the 
way that companies carry on their 
businesses. 

Single-union deals have been 
widely adopted in those few high- 
technology companies that do re- 
cognise trade unions. Many over- 


EDfTOR 

seas companies establishing opera- 
tions in Britain - especially Japa- 
nese - insist on single-union deals 
as a precondition for starting up in 
the UK 

The proposal has been put for- 
ward as part of the protracted talks 
between the EEF and the Confeder- 
ation of Shipb uildin g and Engineer- 
ing Unions (CSEU) on flexibility 
and working time. 

In a draft procedure agreement 
tabled recently by the EEF to the 
joint working party considering 
these issues, the EEF is seeking the 
right of all its federated companies 
to move away from xnuhi-unkm bar- 
gaining to deal only with a single 
union. 

Where recognition rights are 
presently vested in a number of 
unions, the EEF is suggesting that 


these should be withdrawn, and 
placed instead with only one union. 
Unions which lost recognition 
would still be able to represent indi- 
vidual members in their own specif- 
ic grievances, and union members 
would stiQ be able to remain in the 
union of their choice. 

Although the proposed arrange- 
ment would be carried out only with 
the agreem ent of all the unions con- 
cerned, the EEF makes no sugges- 
tion to member companies about 
which recognised unions they 
should choose. The arrangement 
that it is suggesting is simil ar to 
one adopted by the South Wales- 
based Japanese company Hitachi, 
which went from six unions to r e- 
cognising only one, the EETPU 
electricians. 

That caused considerable inter- 


union difficulties, and the EEFs 
draft agreement suggests an altern- 
ative proposal of a joint bargaining 
committee. This would act in effect 
as a single union and would again 
cut out separate negotiations by in- 
dividual unions. 

Union responses to the proposals 
are not yet dear. They may not sit 
easily with the Trades Union Con- 
gress’s (TUC) own new provisions 
on single-union agreements. First 
signs of union reaction are likely to 
come when the progress of the ne- 
gotiations is reported to next 
month's CSEU annual conference. 

Other proposals suggested by the 
EEF indude a move towards cash- 
less pay, an ending of demarcation 
lines on the shop floor and a reduc- 
tion in working hours. 


Power industry faces ban on overtime 


BY OUR LABOUR STAFF 

ELECTRICITY POWER workers in 
England, Scotland and Wales begin 
an overtime ban on May 25 after 
the breakdown of pay talks. Unions 
have rejected an improved offer 
worth 62 per cent on basic rates 
which employers described as “fair 
and reasonable." 

An overtime ban might lead with- 
in a few weeks to tbe shutdown of 
two or three generating stations. Al- 


though the approach of warmer 
weather will not be on the unions' 
side, one factor running in their fa- 
vour is that this is the start of the 
season when individual boilers 
within stations are closed down /or 
cleaning and repair. 

Much of the work done in this pe- 
riod is normally on overtime. There 
is great pressure to complete it as 
quickly as possible in order to get 


the unit back into commission. 
From May 25, manual employees 
will not work this overtime, forcing 
- according to tbe unions’ tactics - 
management to bring in other sta- 
tions, many of them less efficient, 
and so more costly to run. This will 
hit the industry rather than the 
consumer. 

Union leaders accept privately, 
however, that managements could 


increase the already widespread 
use of contractors to cany out some 
of the work, and so they are likely 
to make local-level approaches to 
tbe contractors concerned 
Capital projects - mainly work 
for the Central Electricity Generat- 
ing Board - could also be hit, as will 
out-of-hours repairs. Stand-by and 
emergency arrangements are ex- 
empted from the ban. 


Tourist authority in 
£lm campaign 
to woo US visitors 


BY FIONA THOMPSON 

THE BRITISH Tourist Authority 
(BTA) is to spend £lm on a cam- 
paign to bring back US tourists to 
Britain. 

Announcing the decision yester- 
day, Mr Duncan Block, BTA chair- 
man, said Americans bad cancelled 
a substantial number of holidays ’in 
the UK since the escalation of ter- 
rorism in Europe and more particu- 
larly since President Ronald Rea- 
gan's airs trike on Libya. 

Mr Gerry Marks, commercial 
counsellor at the US Embassy in 
London, said tbe cancellations had 
“given Gadaffi a victory by creating 
a quasr-economic boycott of Brit- 
ain.'’ 

The campaign will focus on the 
slogan “Britain speaks your lan- 
guage." 

This was to emphasise not just 
the literal words but also tbe close 
link between the two countries, es- 
pecially in the light of the British 
Government’s support for tbe US 
over Libya, said Mr Lewis Roberts, 
BTA’s marketing director for North 
America. 

The action plan will include: 

• Between Slim - $1 -5m to be 
spent on advertising in the US; 

• A promotional mission to US 
cities, including New York, Wash- 
ington, Los Angeles, Dallas and 
Chicago, by a group including a 
le ading Rritigh fashion designer. 


pop star, Bitertainer, author and a 
renowned American living in Brit- 
ain; 

• An increase in the number of vis- 
its to Britain by US broadcasters 
and American travel agents. 

The cost of the campaign would 
be well worth it to protect the UK’s 
earning s gained from US visitors, 
Mr Roberts said. Last year these 

pamingtf, . excluding airfares, 
amrnntal tO just imripr Elba. ‘ 

He said the US market repre- 
sented the biggest single f oreign 
market source and was therefore 
very important to the UK But he 
stressed that it was vital to see this 
in context 

In “visitor spend terms’ the total 
t u rno v er from aR sources last year 
was E13bn, 50 per cent of this com- 
ing from the domestic market Of 
the overseas visitors, 25 per cent 
came from the US and 75 per cent 
from the rest of the world.-' . 

Most of the cancellations report- 
ed by airtinps and hotels are of 
groups rather than individual tra- 
vellers, particularly groups of 
schoolchildren and students. The 
incentive market, normally 100,000 
visitors a year, has also suffered 

/»am«pllattnnR as sponsors do QClt 

want to face the possibility of litiga- 
tion in the event of an incident. 


DIAL 

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FOR THE FUEL OF 

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Forafree appraisal of how changing to gas an benefit your hotel 
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British Gas 

THE FUEL OF THE FUTURE 


APPOINTMENTS 

Beazer 

.‘MAS! 

offieeof co* n P any 

Mr sill Bradshaw becomes 

assistant comps^y secretary. 

Hr David Kfiombe*, sal** 
director of trough Piling, a 
wholly-owned subsidiary of THE 
NORMAN HAY 
be en appointed' to the main 
board. Mr Coombes pio neer ed 

tbe plating of Plastics in Britain. 

Thompson division has resulted 
in Hr Geoffrey BlckneU, pre- 
viously director of sales and 
ma rketing. being . ap point ed. 
manag in g director of the division 
which has been Te-oamed motor 
pressings . division. Mr Michael 
Evans becomes manufacturing 
director, Mr Jim Morgan sales 
director, Mr Tim Bell finance 
director, ami Mr Teny Ball 
personnel director. 

Hr K. B. Parkinson has left 
PORTSMOUTH. AND SUNDER- 
LAND NEWSPAPERS to become 
company secretary with a new. 
national newspaper— The Inde- 
pendent— and Mr T. F- Lake is. 
being appointed company secre- 
tary in bis place. Mr lAke .was 
assistant company secretary. 

* . • 

COUNTY SECURITIES 'has . 
appointed Mr Bob Thomas as - 
managing. director of. ..County . 
Australia Securities and - Mr 
Kevin Crotty as director of 
County Securities. Mr Thomas 
will be responsible for 4he- 
establishment of an Australian 
stockbroking operation based . in ' 
Sydney, Melbourne and London. 
Mr Grotty is to establish and 
lead the Australian equity sales 
operation in - London, with 
responsibility for tbe marketing 
of Australian securities inter- 
nationally. Initially he will be 
based in Australia to assist the 
local development phase. Both 
were formerly partners in Potter 
Partners. 

lb Bichard Evans has been 
appointed managing director of- 
THE RAWLPLUG COMPANY; 
part of Williams Holdings. ' He 
joioed Williams ' Holdings in- 
February as managing director 



u kpIIv - was- 'with:-- Lsn dorvu- 


- inenL y >. . 

- KEY 'E35OTAK^. : :SlffiKSItt 
European distributors* "the 
Keyword document convnrsoti 
siSem which rtotegj^les Incom- 
patible word, processing jpjsraii 
has appointed Mr-AJan Wallmair 
as g^oging director: 'Be was . 

Newman becomes- .finance direc- 
tor and conipany -secretaify- • He 
joined from ■ ICL -where he Was 
controller «£. training: services. . 

; v :. .. 

The following . ■have ■' .-been 
appointed to the board of N.- M. 
ROTHSCHILD AND 'SONSi Mr 
Malcoto Abb* Mr William Staple 
and Mr Philh>. Swjatmapi.: 

?•* •'.'v. . 

ROYAL 'DQJTL.TX>rr bas; 
appoiutedMr Stanley. Y.-Rhrerda . 
as personnel director.- had 
been . director : -personnel 



f 


2 BMM' 



Hr Richard Evans, Rawlplug 
managing director 

of Spencer Clark Metal Indus- 
tries, another recent acquisition. 
Previously, _ Mr Evans was 
managing director of British 
Alcan Consumer Products. He 
was also mana gi n g director of 
th Associated Baco Home master, 
which produces DIY double 
glazing kits. 

* 

Mr Hugh Whitcomb has been 
appointed general manager of 
ITN. He succeeds Mr Paul 
Matthews who recently became 
deputy chief executive. Mr 
Whitcombe was managing editor 
of ITN. Since 1981 he has been 
chairman of the TV News Work- 
ing Party of the European 
Broadcasting Union. 

★ 

FIRST COMPUTER has 
appointed Mr Michael Kelly as 
marketing manager. He takes 
over from Mr Ian Slater, who is 
leaving to pursue other interests. 


. Mr Stanley ^Edwards, per- 
: sound director; ofcRayal 
Dealt - - 

« *- -- . .. 

services of tb&~ctenpuiy*fi manu- 
facturing and , trading suhidiary 
Royal Dbuiton UK) since 1884. 

. - V* .• 

Following the .recent- merger 
of Koderic Unger and Associates 
with E xe_cut i ve Selection 
Associates), ir & J. Un ger has 
joined the board of EXECUTIVE 
SELECTION. ASSOCIATES. Mr 
J. W. Bosch, a director; becomes 

company-secretary.;. . 

Mr Aha -.Herrin; group chief 
executive. ' of ” Crystidate Hold- 
ings. has become president of 
the EUROPEAN ELECTRONIC 
COM P ON ENT MANUFAC- 
. TUBERS ASSOCIATION, which 
is hosed in' Brussels. •.:* . 

■ *' * .•• •-. . 

Mr Roger Williams, of- Coin-a- 
- Drtok has. beezrelected chairman 
• of the AUTOMATIC VENDING - 
ASSOCIATION - OF - BRITAIN 
. for the year 11I88-S7. with Mr 
Christopher Thomas of B *eak- 
mate re-elected as treasurer. 

. *. — ' . — .. 

BIFFA WASTE SERVICES, 
specialist waste disposal sub- 
sidiary of BET. .has appointed 
Mr Mark E. Aldridge as manag- 
ing director. He joins from the 
ESAB Group. The appointment 
follows tbe resignation last 
December of Hr 8. C Biffa as 
chairman and managing director 
of Biffa when he led a manage 
meat buy-out of Biffa's fellow- 
subsidiary, Re-Chem Inter- 
national. 

* 

' Mr D. J- Bead has been elected 
a director of the MEDICAL 
SICKNESS SOCIETY; and Pro- 
fessor. B. Jarman has been 
appointed chairman of MEDICAL 
SICKNESS FINANCE COR- 
PORATION. 

* 

NORCROS has appointed Mr 
G. E. Barton to the board of 
subsidiary Adderley Green Tiles 
as sales and marketing director, 
and Mr ML Howard to tbe board 
of subsidiary H. and R. Johnson 
Tiles as marketing director. 

★ 

BUNGE AND CO has 
appointed Mr David Airoy as 
deputy managing director from 
July 2. He is at present manag- 
ing director of Bibby Edible Oils, 

a wholly-owned subsidiary of 
Bunge and Co, and will become 
deputy chairman on that date. 
His successor as managing direc- 
tor at Bibby Edible Oils Limited 
will be Mr Bob StokelL 


Special Subscription 


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Financial Times Friday May 16 1986 


UK NEWS 


Taskforce proposed for 
retailers and industry 


BY DAY® CHURCHILL, CONSUMER AFFAIRS CORRESPONDENT 

betowenStS? r^ D jj mprOV !j ^aks °P eratJOn between retailing, tour- 
uf-^, *** re ^ders and raan« ism, travel, sport and eniertain- 

ufachirws was proposed yesterday mer.i. ^ 

eral of °Se r£mi' 0,0 *<> issue of Sunday trading, 

wfcirh V 6 ^ Consortium, which has caused controversy with- 

raost of ^ “ the consortium because of differ- 


retailing groups. 


Mr «ews by retailers. Mr McNally 

dmninp , Q ". the pointed out that the retail industry 

operung day of a financial Times 

conference on “Retailing to 1996,' R|ffiV^f9VJVVRn!fK| 
said that the taskforce could ini- 

prove the quality, design and com- ■■Wtl^jSSrJSt^rSaH 
petitiveness of British-made prod- • ■■■■(■■■■■■■■■■ 
He suggested that Prince nn^ntl 1 — nr 
Charles might be invited to lead it. KSldiifflS 
Taiven his known interest in both ^ 

defflffi and the future of British in- 1 

dustry. I would suggest that Prince LU X«7«/U 

Charles would be the ideal choice to 

head such a taskforce," he said. HIHHHHHl 
Mr McNally called for retailers to was stiU left with "the absurd and 
be given a more central role in gov- unworkable 1950s Shops Act." 
emi n ent economic, thinking. “We Mr Mark Sonhami, managing di- 
have to present with vigour the full rector of the Dixons Group, told the 
picture of the industry’s role in the conference that merchan disin g was 
economy," he said. “We have to as* the key to successful retailing. 

■ Se ?^^.° Ur our research “There is no shop fitting or advertis- 

and then be prepared to fight our ing so fancy that it can make a poor 
earner, to Brussels and Strasbourg, merchandise proposition sell and, 
in Whitehall or Westminister, and conversely, if the merchandise 
in town halls up and down the coun- proposition is right then everything 


Retailing 
to 1996 


He also -called on the Gouem- 


else will fall into place." 

He said it was “absolutely cer- 


meat to appoint a senior minister of tain" that by 1996 the merchandise 
leisure within the Department of ranges for successful retailers 
Trade' and Industry to increase co- would have changed dramatically. 


For example, 10 years ago products 
such as microwave ovens, video re- 
corders. and personal stereos were 
not on the market. 

Mr John Richards, a senior ana- 
lyst with stockbrokers Wood Mack- 
enzie, told the conference that the 
spate of mergers in retailing was 
only at the beginning. "We have still 
seen only the tip of the iceberg in 
what amounts to a fundamental 
restructuring of (he retail industry." 

Mr Edward While Field, chairman 

of Management Horizons, suggest- 
ed that town centres could still hope 
to survive in face of competition 
from out-of-town retailers. 

Mr David Stewart, development 
director of the Conran Design 
Group, pointed out thot the design 
phenomenon was "far from having 
had its day." 

Mr Nick Aspinail, managing di- 
rector of the Retail Group, suggest- 
ed that there were considerable op- 
portunities for entrepreneurs to de- 
velop specialist retail concepts - 
usually leisure-based - in secon- 
dary sites where these ideas could 
be tried at a low cost. 

Other speakers yesterday were 
Mr Robert Tyrell, managing direc- 
tor of the Henley Centre for Fore- 
casting, and Dr Russell Schiller, 
head of research at Hillier Parker 
May and Rcwdcn. 


Minister says Tories paying 
price for high unemployment 


BY MARK MEREDITH IN PERTH 

MR MALCOM RIFKIND. the See- 
realary of State for Scotland, yes- 
terday made a frank acknowledge- 
ment of the Conservative Party's 
current unpopularity with voters. 

“We cannot conceal or hide the 
fact that we have lost support, that 
we have lost ground, over the last 
few months and over the last year 
or so,” he told Hie Scottish Conser- 
vative Party at its annual confer- 
ence in Perth. 

Heavy Tory losses in last week's 
regional council elections brought 
the party's support to a low ebb in 
Scotland and presented Mr Rifidnd 
with a formidable task to rally Tory 
representatives. His approach was 
to accentuate the positive. 

Unemployment, he said, was not 
a question of the complexion of a 


particular government 

“Any government in office at a 
time of high unemployment inevi- 
tably pays a political price lor it," he 
said. “But at a time when we see un- 
employment at 25 per cent in So- 
cialist Spain and at unprecedented- 
ly high levels in France, Belgium 
ud Germany, then we are entitled 
to say that the complexion of the 
government in question - whether 
Conservative, Socialist, liberal, 
Christian Democrat or whatever - 
can dearly not be the cause of this 
phenomenon. 1 ’ 

Mr Riflrind said party foCowers 
should ask critics to be specific with 
their complaints and. he listed the 
Conservative achievements in 
youth training; housing and health 


"We have to accept that in certain 
respects our policy on public ex- 
penditure bas created misunder- 
standing and led to possible loss of 
political support in certain areas,” 
he said. 

It was absurd, Mr Rifkind added, 
of critics to say that somehow 
Prime Minister Margaret Thatcher 
presented a problem for Scottish 
Tories and be pointed to her two 
past consecutive election victories. 

Lord Young, the Secretary of 
State for Employment, echoed Mr 
Rifklnd's assertion that Britain's 
unemployment problem was one 
shared by the rest of Europe. 

He pointed to positive results 
from the Government’s restart pro- 
gramme initiated this year at Job 
Centres. 


Euro court 
upholds 
sex bias 
challenge 

By Raymond Hughes, 

Law Courts Correspondent 

UK COURTS cannot be stopped 

from dealing with complaints of sex 
discrimination in employment by a 
mere assertion by a government 
minister that the discrimination is 
justified on national security, public 
safety or public order grounds, the 
European Court of Justice in Lux- 
embourg ruled yesterday. 

An EEC equality direcuve re- 
quires that anyone with a complaint 
1 of sex discrimination is entitled to 
air his grievance in court. That 
meant, the Luxembourg judges 
said, that evidence about the na- 
tional security factor had to be giv- 
| en to the court, which could then 
make up its own mind about 
whether the discrimination was jus- 
tified. 

The ruling, which will be closely 
! studied in Whitehall, was made on a 
challenge that followed a decision 
by the Chief Constable of the Royal 
Ulster Constabulary (RUC) to ban 
women officers from carrying guns. 

Because of the ban. and the fact 
that there were sufficient women 
officers to carry out general duties, 
the contract of a woman member of 
the RUC Reserve was not renewed. 

I Her complaint to a Belfast indus- 
j trial tribunal that she was the vic- 
tim of sex discrimination was halt- 
ed by a certificate from the North- 
ern Ireland Secretary stating that 
she had been refused further em- 
I ployment with the RUC on national 
' security, public safety and public- 
order grounds. 

Under the 1976 Sex Discrunina- 
i tion (Northern Ireland) Order, such 
j a certificate is conclusive evidence 
1 and no further justification can be 
demanded. 

The European Court said that the 
equality directive allowed women to 
be excluded from certain jobs for 
their own protection, particularly 
on grounds of pregnancy or mater- 
nity. However, the court said, that 
did not mean they could be ex- 
cluded from employment "under 
the guise of protection.” 

The case will now go back to the 
Belfast industrial tribunal which 
will be able to call for evidence of 
the basis tor the minister’s national 
security justification for the refusal 
to re-employ the woman. 




This announcement Appears as a matter of record only 


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How the latest 


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search for new drugs 



v Developing a new drug involves 
manufacturing and; testing! the' 
effectiveness of over 10,000 
different substances', 
pensive 

. cessful drug must not only be ' 


effective, but safe to use," as wett: men£i§^ii.jfiQ 






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One particular problem always; ;.;Yhe-ec^pf 

arises when deveigpng.an^npywf'Ot^^#Jt^^g|^^i®i^^|"^ 

drug: at the site of action, the 


active molecule is confronted; by 

a complex structure ihto which ii;r prc^'r3ir^e’'i^s-5cfey : eK>p;e3 
must fit like a key into a 
. However, as verylittla is, known 
about the exact shape of these 








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tremely difficult, success is . . R uter ex P^ s 
not often achieved. . ■ ■ ; ; ' ^)d toegi wiffiCE tpc« 


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However, the increasing use 

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ce and even the. most complex- better solutions faster. 


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F inanci al Times Friday May 16 1986 


THE MANAGEMENT PAGE 


EDITED BY CHRISTOPHER LORENZ 


MANAGEMENT education does 
different things for different 
people. Roger Hill makes no 
bones about what it did for him. 
•* it plunged me into total 
despair." 

Hill is the marketing director 
of ICL UK and was one of the 
first to undergo the trauma of 
ICL’s challenging development 
programme for senior managers. 
•• it blew my mind at the huge 
gap between where we were 
and where it showed we needed 
to be. I came off it totally 
hooked on what had to be done, 
but even more desperate than 
before at the fact that ICL was 
in trouble but didn’t realise it.” 

Hill is one of many senior 
ICL executives who have been 
deeply affected by the com- 
pany's week-long programme on 
"managing strategic capability.” 
Launched in early 1984. about 
180 of TCL’s senior cadre have 
since attended it, 20 at a time. 
Nearly 1,600 less senior 
managers have been on one of 
the three lower tiers of ICL’s 

Management Programme." the 
overall title for all four courses. 

The purpose of the pro- 
gramme, as was outlined in 
earlier articles in this series, 
was to give a dramatic lift to 
ICL’s competitive performance. 
After its emergence from near- 
bankruptcy in 1981-82 the com- 
pany had gone through an 
org anis ational and leadership 
hiatus which only began to be 
resolved in late 1983 with two 
fundamental decisions: to 
replace the old functional 
organisation by a decentralised, 
matrix structure based on 
*■ business centres and to 
create an ambitious manage- 
ment education drive which 
would force a sea-change in 
managers’ attitudes to the com- 
pany, its customers, its com- 
petitors. its strategy and its 
organisation — which would, in 
short, lift it to a much higher 
level of competence. 

On all counts, the "strategic 
capability" programme seems to 
have justified its grand name. 
Alan Rouse LI who. as managing 
director of ICL UK is Hill’s im- 
mediate boss, is a self-con- 
fessed sceptic about manage- 
ment development. “ I shudder 
every time I hear the word 
training,” he says. He only went 
on the course — much later than 
Hill — “ because it was my duty, 
and all my immediate staff said 
they wouldn’t work with me 
unless 1 did." 

But it had a dramatic effect 
on him. Rousell describes the 
course as " one of only two I’ve 
ever attended that have been 
worthwhile in setting the 
pattern for the way I manage.” 
The first, 20 years ago, was on 
management by objectives. 

Rousell considers the out- 
standing benefit of the pro- 
gramme to be the creation of 
a common language among man- 
agers from different functions 


% Corporate Renewal 


How saturation training has focused the 


and countries, most of whom 
had never even met before- “It 
has created much more cohesion 
in the way we all deal with 
strategic and organisational 
issues," agrees Don Beattie, 
ICL’s personnel director. 

Jean-CIaude Albrecht, who 
heads ICL's operations in 
France and southern Europe, 
is equally complimentary. A 

former IBM executive, and 
therefore one of the few people 
at ICL who can make a first- 
hand comparison with the 
famously high quality of man- 
agement programmes at "Big 
Blue,” he says the course “was 
one of the best I've ever 
attended.” 

One of tbe reasons why the 
top-level programme has had 
such a dramatic impact on 
participants was its unusual 
design: 

• Tbe academic team first 
immersed itself in ICL and its 
problems for several months; 

• The course focused on key 
industry issues and strategic 
concepts, rather than on the 
latest management techniques; 

• It was attended by virtually 
all ICL’s senior managers in 
less than 18 months. Many com- 
panies just send a few mana- 
gers away each year to general 
purpose business school 
courses. 

The three lower tiers of 
courses, which were launched 
at roughly the same time, were 
also designed to give a sharp 
jolt to everyone’s perceptions 
of what it would take to stay 
competitive in the international 
electronics industry through tbe 
late 1980s and beyond. "All 
four levels aim to give our 
managers a much wider strate- 
gic picture." says Ray Fields, 
the " champion " of the educa- 
tion drive. 

To back up these broad pro- 
grammes. a full set of strategic 
and marketing techniques is 
provided by a comprehensive 
range of continuing marketing 
courses for all levels of manage- 
ment. from the very top to 
the bottom. There is also a 
wide range of specialised “ skill- 
learning " courses, in such 
subjects as motivation, sales 
techniques, and so on. 

The three academics who, 
with ICL, designed the top 
management - course, and have 
taught roost of it, are Professor 
C. K Praha] ad of the Univer- 
sity of Michigan, Gary Hamel, 
an American based at the Lon- 
don Business School, and Ian 
McKenzie, an LBS colleague 


mind to dramatic effect 

Christopher Lorenz concludes Ms series by explaining how crucial was 
management development to the UK computer company’s revival 



On all counts, the “ strategic capability ’’ programme seems to have justified its grand name 


who in 1985 rejoined the Boston 
Consulting Group. 

Prahalad and Hamel’s far- 
reaching analysis of the strate- 
gic thinking and organisational 
capabilities behind the compe- 
titive success of Japanese com- 
panies has attracted widespread 
attention over the past 12 
months, among business people 
as well as in the academic 
world (see "The dangers of 
bonne comforts,” and “ How the 
Japanese write their own rules 
of the game," this page, July 24 
and October 11 1985]. 

One of their central argu- 
ments is that most western 
companies have failed to master 
the techniques of competitive 
innovation — that is, finding new 
ways to compete which catch 
their adversaries off guard. Tbe 
duo also complains that many 
western companies have still 


not come to terms with compet- 
ing in a global marketplace. 

Just as dangerously, say 
Prahalad and Hamel, they tend 
to content themselves with 
followiog just one so-called 
" generic strategy," such as 
low-cost leadership or differen- 
tiation. The Japanese, on the 
other hand, build several layers 
of competitive advantage upon 
each other, including organisa- 
tional effectiveness. Nor do 
many western companies possess 
a clearly expressed and con- 
sistent long-term “ strategic 
intent” that focuses the ener- 
gies of the company, and yet 
lets it behave flexibly and 
opportunistically. 

By using case studies of a 
couple of companies which prac- 
tice this daunting set of skills, 
though in very different ways 
(IBM and Matsushita), and of 


others which have manifestly 
failed to do so (such as EMI), 
the " Stage 4 ” programme pro- 
vides a clear target of how a 
strategically capable organisa- 
tion should operate in the fast- 
moving and complex electronics 
industry. 

The course also demonstrates 
the means by which this target 
can be reached: it suggests, for 
example, how managers can 
grapple with all the unpredie- 
ability of young, turbulent 
industries; it sensitises them to 
the need to link strategy, plan- 
ning and organisation; and it 
proffers ways of managing 
organisational change in a com- 
pany as complex as IBM (or 
ICL). 

This emphasis on organisa- 
tional capability is stressed over 
and over again on the course. 
“ The job of tbe general 


manager should have as much 
to do with organisation as with 
strategy," argues Gary Hamel. 
** Most managers still think that 
organisation design should be a 
staff function." 

Not surprisingly, perhaps, in 
view of IBM's dominance of the 
computer industry, the subject 
which always provokes the most 
controversy on the course is 
IBM's corporate values and 
organisation processes. “ Most 
ICL managers have perceived 
IBM's competitive advantage 
only in terms of its technology, 
rather than in its way of 
organising people." says Hamel. 

But how much impact can any 
one-week course make, no 
matter how high its quality? 

In order, as Hamel puts it; 
“to weave a thread of shared 
perspective right through ICL’s 
senior management.” videos are 


made of every presentation^^; 
the working groups on eaffl 
course. Videos " from ■ past 
courses are. then viewed by the 
next set of participants. 

« The presentations on tne 
first three programmes wme 
■very backward-looking, con- 
centrating on what the company 

had done wrong,” says GlU 
Bingland, manager of IGL* 
office systems business centre, 
who took part In the seventh 
programme in late 1984. By 
the fourth one, things had im- 
proved and people were begin- 
ning to look to the future.” 

The Immediate impact of the. 
programme has been reinforced 
in several ways. The academics 
have been called in several 
times by lCL’s executive chair- 
man, Peter Bonfleld, and by 
other senior managers, to run 
special educational sessions on 
particular issues. The duo has 
conducted a number of con- 
sultancy assignments, including 
helping adapt ICL’s strategic 
planning process to take account 
of their concepts of global com- 
petitiveness and organisational 
capability, so that they become 
deeply embedded in ICL’s pro- 
cedural woodwork. 

All the same, the programme 
has been so successful and has 
excited sucb a high level of 
expectation of the organisation’s 
new ability to perform, that 
many senior managers are now 
calling for a more orchestrated 
series of follow-up courses and 
meetings for staff beneath them, 
Bonfielo himself is acutely 
aware that “you have got to 
reinforce these things about 
ever^r six months — otherwise 
expectations are frustrated and 
the effect disappears.” A deci- 
sion wiD be made in the next 
few months about how. best to 
follow-up. the Stage Four teach- 
ing. There is likely to be some 
input from a special research 
project now under way into the 
challenges that European com- 
puter companies will face in tbe 
1990s. 

Roger Hill’s own follow-up to 
his desperation back in 1984 
was chartfcte rlstf£ally direct “I 
saw that the key - ' to changing 
tbe oiganisatioira^perfonnance 
was to change the organisation.” 
he says. . Within a few months 
he had begunV*£e process of 
focusing the attentions of ICL’s 
own salespeonj^ironto about 
LOQQ '-.strategipSlfy important 
customers iri"^ Specialised mar- 
kets. “Until then these cus- 
tomers had been under- 
resourced;? concedes Hill. 

It was a costly reorganisation. 


** i could 'never . have created 
the tlmoght process that gave 
me thelconfideaee to do it if 1 
hadn't attended Sage Four," 
Hill claims. He : considers that 
the change was responsible for 
much of-la& year's near-30 per 
cent surge in EX UK’s intake 
. of orders. . 

On the other side . of the 
organisatiohrmatrix: from Bill's 
geographic sales company, the 
manager of ICL’s retail business 
centre. , John'. Davison,- credits 
the Stage Four programme 
with two main changes in the 
. way- he runs his .organisation. 
“I carry these two thoughts 
around in my nrind all the time 
now — they create the pattern 
of work here^-be says. . 

; First,., “it crystallised my 
realisation that- different com- 
panies -need different organisa- 
tional approaches at different 
stages in; their development It 
helped me get people's hearts 
and minds behind the need: for 
change, and it taught me to put 
a lot more time' and effort into 
preparing . for .it. it also 
taught me to be more patient 
— change sometimes has to be 
engineered progressively, not 
sdddeflly. M - 

Second, "I understand clearly 
for the first time' how the 
Japanese approach global mar- 
kets, and what the strategies of 
the companies we deal with are 
likely to be.” As the chief 
coordinator of much of ICL’s 
fast-growing business in com- 
puter terminal- systems, Davison 
has forged quite a. -number of 
collaborative ventures in the 
past few years— some of them 
with Japanese partners. , 

" We now have strategies that 
anticipate their tendency to 
move into the market alongside 
us,” he says; .For understand- 
able reasons, Davison prefers 
not to elaborate. But Peter 
J3 onfield speaks for the whole 
of ICL when he says that 
Prahalad, - Hamel arid Mc- 
Kenzie’s work has prompted 
. . ICL to take much more care in 
the management of collabora- 
tive ventures. " We are forcing 
people to look at . the issue 
much more clearly, including 
asking themselves the question 
‘What are' you doing to protect 
yourself?’ ” . . 

Even if the “Stage Four” 
programme had done nothing 
more than teach ICL sot to fall 
into the common western trap 
of becoming prey to its 
Japanese ' partners, it would 
have been worth . the invest- 
ment. But it has done very 
much- more besides. If ICL 
continues to survive against tbe 
odds as a small but capable 
player in the. fast- chan ging 
global electronics industry, it 
will be partly thanks to those 
week-long traumas which Roger 
Hill and co suffered in 1984 
and 1985. 

. Previous articles in this series 
appeared on Monday and 
Wednesday. 


Company Notices 


UNILEVER N.V. 

DIVIDEND ON CERTIFICATES FOR ORDMARY CAPITAL 
ISSUED BY N.V. NEDERLANDSCH ADMINISTRATE- B4 TRUSTKANTQOR 

final efividond payments in respect of the year 1985 wl be made on or after 
27 May TS86 as foiows:— • 

SUB-SHARES OF FL12 

IN THE NAME OF MIDLAND BANK EXECUTOR ANO TRUSTEE COMPANY LMITED 
now MIDLAND BANK TRUST COMPANY LMITED 

A dhridsnd. Serial No 116 of R.B.09B par sub-share. equivalent to 160L3999p 
converted at FI 3. 8005= El. 

DUTCH DIVIDEND TAX reSeJ is given by certain Tax Conventions concluded by the 
Netherlands. A reader* of a convention country wil genera!* be Sable to Bitch Addend 
tax at only 15% {FI. 03 144. 24.06Q0p per sub-shae) provided the R D p ropr tet i Outch 
exemption form is sUmattad. No form is required from UK naidan i a if the dividend is 
dakned within ax months from the above date. K the »i»-dweB are owned by a UK 
resident and are effecti v ely connected with a brain— earned on throutfi a p a nna nant 
es a foMimwrt n the Netherlands. Dutch dvktauf tax at 25% {FL 1.524. 4O.KXJ0p per 
sub-share) wffl be deducted and w* be allowed aa credit against the tax payable on the 
profits of the estabtshmant Resxlents of nonconvantion countries are Hate to Dutch 
(fividand tax at 25%. 

UK INCOME TAX at the reduced rate of 14%(24.0600pper sub-shxrejonthegrosa 
amount w* be deducted from payments made to UK residents Mead of at the basic rata 
of 29%. Ties represents a provisional aBowance of cradtt at die rate of 15% for the Dutch 
dividend tax already withheld. No UK steams tax w* be deducted from payments to 
non-UK residents vWio submit an Intend Revenue Affldatrtt of non -r cade nc e in the UK. 

Tb obtain payment at the cMdend sub-share owtificates must be Isted on Listing 
Forms obtvrraxe from:— 

Mdland Bank pic. Slock Erahango Services Dept. Mariner Housa. Pepys Street 
London. EC3N4DA 

Northern Bank Limited 2 Wtirirtg Street Belfast BT1 ZEE 

ASM Irish Banks pic. Securities Dept. Steak Exchange. Bank Centre. Batisbndge. 
CXitSn 4 

Clydesdale Bank M.C, 30 St Vincent Place. Glasgow. 

Separate fanna are a vafoM e for uaa (a) by Banka, UK firms of StecHbro h ereSoiciters 
or Chartered Accoun tents ( b) by other ctesnants. Notes on the procedu re. in each case, are 
printed an the forma. 

DUTCH CERTTRCATES OF FL 1000, FL TOO and FL20 

A dividend of R.10.16 per R2Q soaks su render Of Coupon No IKLCouponamay 
be encashed through one of the paying agents In the Netherl a nd s or t hro u gh Mhlland Bank 
pic; m the tettw case they mist be feted on the xpexxd form, obtainable from the Bank, 
which contains a declaration that the cer ti fic at es do not belong to a Nwhailrac la i—Jui l. 
Instructions for claiming refief from Dutch dividend and UK income lax are os sat out above 
except that UK residents Sable to Outch tfividend tax at only 15% must submit a Dutch 
exemption form. Dutch dividend tax on this dividend is FL2.54 at 25% Jid FL 1.524 at 
15%. The proceed* from the encashment oi coupons through a paying agent in the 
Ne th erl a nds be crafted tea ooneertfale florins account with a bote or broker in the 
Netherlands. — ■ — ■ - . — . 

A statement of the procedure for claiming ratal hum Dutch dividend — end for the 
en cash ment of coupons, indudtng names of paying agents and con v entio n countries, can 
be obtained from MUand Sank pic at the above address or from the London Dansfor 
Office. 

N.V. NEDERLANDSCH ADMINISTRATE- BNI TRUSTKANTOOR 
London D ane for Office. Unilever I louee. O lu cfc ti le t a . London EC4P48CL 
14 May 19SS. 


PROVINCE DE QUEBEC 

Loan FF 125 000 000,— 

7\% - 1972/1987 

Bondholders are hereby informed that the redemption instalment of 
FF 15.000.000 due on June ISth. 1986 has been met by a draw by lot 
in the presence of Madame Jeanne Housse, Notary Public in 
Luxembourg. 

Consequently, the 3,000 bonds of FF 5.000 numbered: 

22787 to 25000 
and 

I to 2401 

inclusive, taking account of numbers already drawn for preceding 
inttalments. wifi be redeemable at par, coupons at June 15th, 1987 
and subsequent attached, as from June ISth, 1986 date at which 
they will cease to bear interest. 

Redemption and payment of interest will take place at the 
follow ing banks: 

CREDIT LYONNAIS, Luxembourg — CREDIT LYONNAIS. Pam -* 
ALGEMENg BANK NEDERLAND NV, Amsterdam — BANCO Dl 
ROMA. Rome — BANQUE DE PARIS ET DES PAYS-BAS. Paris — 
COMMERZBANK AG. Francfort/Main — KREDIETBANK NV, 
Bruxelles — LLOYDS BANK INTERNATIONAL LTD, London. 

It is recalled that the following bonds previously drawn by lots, have not 
vet been presented tor repayment: _ _ _ , , .. . 

15.6.1965: 5266 to K73. 5*86 to 5X7. 530^ 5310. 53S2 5689 wBJja £781. 

5802 to 5803, 5816 to 6820. 5823. 5339 10 5640, 5S44 to 5^6. 
5850. 5861 10 5866. 5901 to 5303. S332 W 5936, 6033 to 604*. 
6051 to 6094. 6135. 6167. 6l7*to6l82. 81B7 to 6194. 628 8. 
6271 to 6274. 6306 to 6307. 6312 to 631 v, 6322 to 6327. 6330 to 
6334. 6353 to 6360. 6383, 6606. 6691 to 6698. 670t. 670 3. 
679010 6792. 6826, 6885. 6899 to 6902. 7012 to TOT 3. 7 022 t o 
7«3. 7136. 7229 la 723*. 7243. 7322 to 732*. 7331. 7337 to 7338. 
7348 10 7351, 7*19 to 7*29. 753* to 7638. 7554 to 7557. 7610 . 
7612 to 7623, 7640 to 76*3. 7760 to 7772. 7785. 7804 to 7809. 
78®. 7909 to 7911. 7913 to 7918. 7925. 7938 to 7 942. 7 94* to 
7945. 7957. 7974. 7979 to 7380. 8020, 8022 to 8023, 8030 to 8039. 
8059 to 8065. 8084 to 8093. 8124 to 8132. 8148 to 8164. 81® to 
8194. 8211 to 8215. B25Z. 8280 to 6302. 8306. 831* to 8315. 
8350 to 8352. Mil. 

Outstanding amount after this nineth amortisation: 

FF 17.000.000 

The Fiscal Agent 
CREDIT LYONNAI5 LUXEMBOURG 


THE FINANCIAL TIMES 

is proposing to publish a Survey on 

THE WATER 
INDUSTRY 

July 9 1986 

For Juriher information, please contact: 
MARK FISHER 
on 01-248 8000 ext 3389 

Publication date is subject to change at the discretion 
of the Editor 



FINANCIAL TIMES 
CONFERENCES 


The 1986 World 
Motor Industry 
Conference 

-Vehicle Distribution and Marketing 
Geneva, 28 & 29 May, 1986 


Distribution and marketing have been less effected than 
other functions by the dramatic developments sweeping 
across the motor industry. This is due to change as so 
major, a cost centre coroes under increased scrutiny and 
the 1986 FT Motor Conference is devoted exclusively to 
this significant and increasingly topical subject. 


Mr Paolo Bernadefli 

Vice President . Sales & Marketing 

Fiat Auto SpA 

Mr Walter Frey 

President 

Erafl Frey AG 

M. Gabriel de Berard 
Group Director Europe 
— Aftermarket & Communications 
Bendix Group 

Mr John Hambly 

Division Vice President & 

General Manager 
Hertz Europe Limited 

Mr Fabian Liqden 

Executive Director 
Consumer Research Center 
The Conference Board Inc 


Mr Sten Wennlo 

Vice President. Car Division 
Saab- Scania AB 

Mr Victor Dial 
Commercial Director 
Automobiles Peugeot 

Mr Marlin Swig 

President 

San Francisco Auto Center 

Mr DonsJd Kress 

Vice President 

Booz- Alien & Hamilton Inc 

Dr John Treasure 

Vice Chairman 

Saatchi St Saatchi Compton Ltd 

Mir Don McCrickard 

Managing Director 
United Dominions Trust Ltd 


hex «M kxflxr 


The 1986 
World Motor 
Industry 
Conference 

FINANCIAL TIMES 
CONFERENCES 


Tte financial Timas Contaane* OmmMloa 

Mrator Homo. Arthur Street, London EC4R 9AX 
lbf: 01-621 T8S5 Tbe 27347 FTOONFfl 

Nome 

PosUon 

Company. - ! 


Mtes. 


. 71 *. 


I 

:l 

i 

j 





.■ ■<. 


SAA move 

to Heathrow 

Terminal 1. 

For air travellers connecting with other airports 
throughout the UK, Ireland and Europe, SAA offer one-terminal 
simplicity at Heathrow Terminal 1. Whether you’re flying 
to South Africa. Or flying back. 

More non-stop flights. Plus far and away the best wine on 
the route, says Business Traveller Magazine (World Airline 
Wine Survey). 

More than ever, SAA is the No. 1 way to South Africa. 









14 




. ■ : - •■-J- ■ 













You’ve probably heard a lot about the 
computer revolution. 

But revolution is not the best way for a 
computer to change. 

Evolution is. And the new NCR 9800 is a 
perfect example. 

We’ve taken the best of current technology 
and combined it with our own best thinking. 

The result is a faster, more economical, 
more flexible computer that’s unlike anything 
ever built. 

BEGIN AT THE BEGINNING . 

Say you’re a manufacturing company and 
you need a computer to control your production. 

The 9800 can help you make quicker 
decisions than a conventional mainframe of 
comparable power. 

And do it less expensively. 

The secret is architecture. 



In fact, ingenious architecture is the secret 
to everything it does. 

IT GROWS OR IT GROWS . 

The 9800 doesn’t have to be upgraded in 
large pieces. 


It grows gradually, the way a business : - 
grows. 

You start with the power you need, and 
then you can expand in smaller increments than 
is possible with conventional mainframes. 

Furthermore, you can add job-specific 
modules to handle specific functions. 

RUN, RUN, run : 

The 9800 is hard to break. ■ 

It uses a new, more intelligent fault-tolerant 
system that doesn’t need tricky programming. 

Once you set it up to be fault-tolerant, it’ll 
run if a piece of hardware fails. Or software. 

Or even during routine maintenance and 
upgrading. - . 

The 9800 was built to be an excellent on- 
line transaction processor, and an excellent 
general purpose processor. 

And using job-specific modules, it can be 
tailored to do both jobs more economically than 1 
a conventional mainframe. 

TALK, TALK, TALK . 

It’s an open system. 

So the 9800 can work together with other 
computers you already own. (It uses SNA and 
X.25 communications.) 

It also comes with popular software tools, 
like SQL and MANTIS™ and you have a choice 
of many ready-to-run solutions for business. 

Now, do you read the industry press? 

Well, according to them, you can buy a 
computer like the NCR 9800, with its advanced 
architecture, that’ll be just as flexible and eco- 
nomical from another computer company. 

In about 1990. 

For more information, call your local NCR 
representative. 


c, _• " 7 


$ 

W 


_r-c. 




NCR9800. The evdution 
of the mainframe. 


ISI 



©1986 NCR Corporation 

MANTIS is a trademark of Caicom Systems, Inc. 







. viJ. *•>: •>' •+ 








16 


1966 


THE ARTS 


Arts 

Week 


F I S [Sul MlTulWlTh 


16 17 18 19 20 21 22 


19th century pastels: A renewed, invig- 
orated use of the pastel crayon tech- 
nique, in complete break with its 
genteel 16 th-century tradition, gives 
a sense of Immediacy to Delacroix 
studies, to country scenes by Millet 
and portraits by Manet It catches 
the movement of Degas dancers and 
women at their toilet and lights up 
Redon's inner visions. The Louvre, 
Pavilion Flore (4261 5410). Ends 
June 9. 


Exhibitions 


LONDON 


The Hayward Gallery: Palls The Shad- 
ow - this year’s Hayward Annual 
for the first time extends its view of 
contemporary art from Britain Into 
Europe. The Arts Council's guest se- 
lectors, Barry Barker and Jon 
Thompson, taking a hint from TJ3. 
Eliot's ambiguous poem of the mid 
1920s. The Hollow Men, abandon 
the principles of avant-gardism in 
favour of a more open and catholic 
modernism. The result is an ele- 
gant, difficult and fascinating an- 
thology. Ends June 15. 


Marie Laurencin: After a short flirta- 
tion with Cubism, Marie Laurencin. 
Apollinaire's love and Cocteau's 
friend, create an enchanted world of 
adolescent girls. The unchanging 
pale, oval shaped feces with expres- 
sionless eyes, the ethereal bodies 
amid Dowers and notating pink and 
blue gauzes could easily become too 
sugary but for the aura or Sapphic 
mystery. Gallery Malingue, 26 Ave 
Matfgnon (4266 6632). Ends June 22. 


WEST GERMANY 


PARIS 


From Rembrandt to Vermeer: 60 chefs 
tf oeuvres on loan from the Mauri ts- 
buis trace a panorama of 11th- 
century Dutch painting with Ver- 
meer's View of Delft with genre 
pointings, still lives and landscapes. 
Grand Palais Ends June 30. 
(42615410). 

Rasa - The Nine Faces of Indian Art. 
A hundred sculptures in stone, 
bronze and terracotta and some 200 
miniatures are divided into nine 
groups according to the sentiment 
they express: the erotic, comic, path- 
etic, heroic, terrible, furious, hate- 
ful, marvellous and finally the ser- 
ene, thus making Indian art intelli- 
gible to Europeans. Many of the 
sculptures have been only recently 
discovered, while most of the minia- 
tures are seen for the first time. 
Grand Palais (4261 5410). Closed 
Toe. Wed late opening. Ends June 
16. 


Dossekforf: Kunstverein Grabbeptafc 
4: Josef Beuys water colours from a 
private collection. 250 paintings by 
the artist, who died in January, are 
shown for the first time. The exhibi- 
tion covers the period from 1952-66. 
Ends May 25. 

Tubingen KonstitaUe: Philosophen- 
weg: Pablo Picasso. A retrospective 
of 200 master-works' Pastels - Fain- 
tings - Aquarelles. This unique exhi- 
bition covers the period from the 
early years to the later works 
(1881-1973). It also displays his great 
variety of works on paper for the 
first time. Ends May 25. 


grouped, with much documentation, 
to give a new view of the artist. The 
exhibition Includes his extraordi- 
nary, languid bronze David. Ends 
May 30. 

Some: Palazzo Braschl (Piazza San 
Rantaleo); Edvard Munch 
(1663-1944): More then 250 works by 
the Norwegian painter from the 
Munch museum in Oslo and private 
collections. Death and illness be- 
came a dominant theme in Munch's 
works: Subjects such as Death In 
The Sickroom are reworked in oil, 
charcoal and pastel - each seeming 
more compelling than the last Also 
on show is his extraordinary work 
The Scream painted in 1893. in 
which the scenery becomes a vortex 
for the central, anguished figure. 
During the 1890s, Munch moved 
away from realism and impression- 
ism (there are three delightful pain- 
tings on show of Nice and St Cloud) 
towards expressionism, a style 
which he used to express not only 
desolation, but also lyricism and 
passion. Ends June l. 

Venice: Palazzo Grassi: Futurism and 
futurisms: flat opens its art centre 
on the Grand Caaai with the largest 
exhibition to tie devoted to the Fu- 
turist Movement, a movement born 
in Italy, and the first to exalt tech- 
nology. and to try to convey speed 
on canvas. More than 300 works 
have been lent The paintings are 
mainly from 1909-18. but there an? 
also sections devoted to literature, 
theatre, music, architecture, fashion 
and furniture, showing futurism's 
influence up to 1930. Ends Oct 12. 


and surrealist painter. Fundacion 
Joan Miro, Parc Montjuic. Ends 
June 29. 


VIENNA 


Jewellery from 1900-25: A selection 
from the Museum of Applied Arts' 
extensive Art Nouveau jewellery 
collection not usually on display. 
The museum began its collection in 
1900. Ornamental combs by Ren* 
Lalique, enamel and ivory pieces by 
Gaillard, and beautiful jewellery us- 
ing glass and semi-precious stones 
by the Belgians Von de Velde and 
Philipp Wo tiers. There are also 
pendants, lockets, brooches, neck- 
laces, belt buckles and. rings from 

the masters of the Wiener Werk- 
statte - Hoffman, Moser and 
Czeschka - many on public view for 
the first tune. Applied Arts Mu- 
seum, ends June 6. 


NEW YORK 


Berlin, Nab'onalgaterie, Ptitsdamer 
StraJBe 50: Gerhar Richter. A retro- 
spective of LOO oil paintings by this 
East German who has lived in Co- 
logne since 1983. The works cover 
1962-85. Ends June 1, 


NETHERLANDS 


Berlin, Akademie der Kunste, Han- 
seatenweg ID: Life Or Theatre? This 
exhibition displays 250 gouaches by 
Charlotte Salomon. She died, aged 
26. in Auschwitz. Ends June 15. 


Amsterdam: Van Gogh Museum. 90 
Whistler etchings from the Zelman 
collection follow the career of the 
brilliant eccentric from his Paris pe- 
riod, through the penetrating obser- 
vation of London's dockland, the 
tranquility of the Venetian set, and 
closing with the late, dreamlike im- 
pressions of Amsterdam. Ends 
June 9. 


Japan House: Burghley House, with 
its the earliest known record of Jap- 
anese porcelains in Europe, pro- 
vides a touring exhibit that will visit 
the High Museum in Atlanta and 
then Japan through 1988 with 2D5 
Japanese and Chinese objects dat- 
ing from the lBth to the 18th centu- 
ries. Ends July 21. 

Museum of the City of New Todd Ar- 
bit Blatas's paintings, drawings and 
sculptures of Three Penny Opera 
covering 12 scenes and 11 charac- 
ters. were inspired by the historic 
Theatre de Lys production in 1954 
starring Lotte Lenya. Ends Oct 15. 

Metropolitan Museum: Two centuries 
of Renaissance masterpieces from 
Nuremberg include 270 works in 
painting, sculpture, tapestries and 
illuminated manuscripts by Al- 
brecht Durer, Hans Baidung Grien, 
Veit Stoss and A dam Kraft Ends 
June 22. 


WASHINGTON 


At the Court Of The Great Moghul: A 
parallel exhibition of Indian minia- 
tures from Bibliotheque Nationale's 
collections, which have never been 
exhibited before. Bibliotheque Na- 
tional, 58 Rue de Richelieu from 
12am to 6pm all days. Ends June 16. 

Dutch and Flemish paintings from the 
16th and 17th century: The 15 choice 
works represent the quintessence of 
Flemish art. There are the still Lives 
with fruit or Sowers so true to na- 
ture. There are the peasants har- 
vesting and drinking with equal gus- 
to, painted by Pieter Brueghel the 
Younger in glowing colours and a 
vigorous line, as well as his misty 
winter scene with skaters, snow- 
covered roofs and black crows in 
bare branches. Jan Brueghel the 
Younger shows a crowd of villagers 
on a quayside. De Jonckheere Gal- 
lery, 21 Qua! Voltaire (426 12314). 
Ends May 26 


Bayreuth, Iwaiewa-Haus, Munzgasse 
9: Art and Culture from the Congo 
and Zaire. About 390 paintings, cult 
and practical objects from the Colo- 
nial period to today. Ends June 29. 

Hamburg. Kunsthalle. GloekengieBer- 
wall 1: Renaissance of the North. 110 
German and Dutch paintings on 
loan from the Paris Ecole des 
Beaux-Arts. Among the artists are 
von Bouts, Durer and Goltzius. Ends 
June 29. 


SPAIN 


Madrid: Contrasts of Forms. Abstract 
and geometrical art sponsored and 
recently exhibited at Moma. New 
York. 150 works by 20th century art- 
ists set out chronologically, offers a 
coherent display to 1980 wrJi 
Braque. Leger, Picasso, Mondrian. 
Biblioteca National. Paseo de Re- 
coletos 22. (435 40 03). Ends June 30. 


Hirshborn Museum: 75 works of the 
California sculptor Robert Ameson 
presents the glazed ceramics he pio- 
neered in what became the Funk 
movement in the 1960s with rts ir- 
reverent view of other artists, con- 
temporary artefacts and art itselL 
Ends July 6. 


TOKYO 


BRUSSELS 


Musee Koyale d’Art et Histoire: Tai- 
wan-based painter Wong Liu-Sang. 
40 paintings, of which 10 are by his 
pupil Chen Sian-Nan form this 
pointer's find European exhibition. 
The artist will demonstrate tradi- 
tional Chinese painting on June 10. 
Ends June 29. 


ITALY 


Florence: Museo Nanonale del Bargei- 
lo: Homage to Donatello: to cele- 
brate the 6th centenary of his birth 
the 19 Donatellos the museum owns, 
of which only six are of absolutely 
certain attribution, have been 


Madrid. Claude Monet (1840-1926): The 
greatest living French artist, as he 
was called, was an innovator who 
revolutionised the course of modern 
painting by playing a leading part in 
the creation of a new artistic move- 
ment impressionism. 125 paintings 
on loan from private collectors and 
museums from ail over the world 
will offer a good overview of his dif- 
ferent artistic periods with a promi- 
nent representation of his most fa- 
mous period at his home at Giverny. 
Meac - Museo Espanol de Arte Co ri- 
te mporaneo, Avenida Juan de Her- 
rera 2. (449 71 50). April 29 - end 
June. 


Antoni Geve: 130 works by one of 
Spain’s prominent modern artists. 
Tokyo Teien Museum. Meguro. This 
museum, with its art deco architec- 
ture and garden was once the home 
of a member of the Imperial family. 
Ends June 6. 


Flowers and Birds: Paintings, ceram- 
ics and lacquerware with these mo- 
tifs from the museum's collection 
celebrating its 25th anniversary. 
Suntory Museum of Art Akasaka. 
close to New Otani and Akasaka 
Prince Hotels. Ends May 25. 


Barcelona. Max Ernst retrospective 
includes 125 works of the dadaist 


• Scenes of Spring: 10 works an hanging 
scrolls by Japanese artists Kano 
Tanyu, Shun so Highirte Gyosbu 
Hayami and others. Okura Mu- 
seum, at Okura HoteL Ends June 15. 
□osed Mon. 


Music 


PARIS 


Nouvd O r c hfat re PWIharaxrakprt de 
Radio France and the Radio France 
choir conducted by Marek Janows- 
ki: Schumann scenes from Faust 
(Tue, Thur). TMPChatdet 
(4233 4444). 

Murray Pentium, piano: Schumann, 

Britten, Berg, Beethoven (Wed). 
Theatre des Champs Efystes 
(4723 4777). 

Groupe Vocal de France co nd ucted by 
Michel Trenchant Debussy, Xena- 
kis, Hugues Dufourt (Wed). Centre 
Georges Pompidou, Grande Salle 
(4276 7995). 

Summe Chaisemartin, organ; Franck, 
Toumemine, Jean Lnngteis, Marcel 
Dupre (Thur). Sointe-Clotilde 
Church (4534 1516). 

Meriel, piano, and Ensemble Orches- 
tral de Paris, soloists: Mozart 
(Thur). Salle Gaveau (4563 2030). 


bert de hecuw, with Dorothy Dorow, 
soprano. Dallapiccola. Webern, 
Schonberg (Wed). The Mendelssohn 
Trio, with Isabelle van Kerim, vio- 
lin. Ravel, Faure (Thur). (31 4544). ‘ 


fTbur).- 


'BfnUcon ■ : HbD 


■SPAfti 


LONDON 


London Sokrats C h a mber Orchestra 
conducted by David Josefowite with 
Mayazoi Fujikawa, violin. Mozart 
Queen Elizabeth Hall (Mon). 
(9283191). 

FbUhannonia Orchestra and' Chorus 
rt fd fry Shn^n Rattle - with 


Barcelona, Mustek Anttqaa. Festival 
continues; Monday; - Gothic, voices, 
conducted iChosfopZier •: ^ge: 

. Wednesday-. JoahvMguel Moreno 
playing v0mda : an4miltar. Centre 
Cultural dslaCaixa,S^drilIfrS], 


NEW YORK 


NETHERLANDS 


Amsterdam, Conce rtg eb ou w. Anton 


Kersjes conducting the Neth er la n d s 
unic, with 


P hilhar monic, with Miriam Fried, 
violin. Beethoven (Tue). The Co- 
logne Rundfunk under Heinz Gesse 
end Jan Stolen, with vocalists. Nico- 
lai, Lortzing, Offenbach, Lehar 
(Thur). (71 83 45). 

Utrecht, Vredeuburg. Recital HalL The 
Schonberg Ensemble under Roo- 


Ehsabeth Soderstr&n, soprano. 
Poulenc, Messfoga and Ravel Royal 
Festival Bril (Mon). (928 3101). ; 
English Chamber On&estra conducted 
by Raymond Leppard with C fao-Li- 
aag Tin, violin. Stravin sk y, Mozart. 
Saint-Sagas and 
Barbican Hall (Mon). (638 8881). 
Northern Sinfom* of Engbnd con- 
ducted by Richard HIcIdml Wagner, 
Schumann. Cowie and Prokofiev. 
Barbican Hall (Toe). 

IjhAw Mozart Players conducted by 
Jane Glover with John UK, piano. 
Mendelssohn, Schumann, Prokofiev 
and Mozart- Royal Festival Hall 


Leningrad Philharmonic Orchestra; 

:. Monday, Murcia’s . PoEdeportivo, ‘ 
. Tuesday, Seville^ Igteda del Sal- 
vador; Wednesday,:. ColMto, 'hadr 
Thursday, BarceknteV Palau tie' la 
Musics Catalans. Anuuteo Vfvea L 
(31799 82). : - h . C. I' . ; 


_ (Fulton Tarry landing): 

.‘"mnsfc with Eameo Faji- 

; ; were, violin, Sblgeqlferiki, piano-, 
[ -Lucy Shelton, soprano, Fred Sherry, 
VCrito. Beethoven, - Shostakovich, 
1 1 Mendelssohn .fiber): ■■ Brooklyn 
,V(]8S4408I): 

. WASHmardk T 


VIENNA . - ^fmfbonj (Concert Hall): 

.Hugh Wcaff 'conducting with Men of 


Jtufith Wmtons, -ssoprana. _Bntb : -/th^Orctorio Society . < 


McGuire, or^i. ; Back. ’ I ’^rectedhy Robert Shafer- Beethov 

■ Mendefcgohn.-Karisknche (Mon). - : r . -Stravinsky flue); Mstislav Ros- 

Alhan Berg gKahethtfr- .> tropovicli conducting, Mlton ■ iSte- 
anskaya. pia ho. H*ydg^Bartni^ ,; * ye^trombope. LorealGtS darinet. 

Seal (72 12 llJ-poe'an^Wed^^ 




i O uheaU * conducted by 
Giuseppe SmopoK with Barry 'Drek- 
wefi, torn. Haydn and Strauss. Roy- 
al Festival Hall (Thur). 

London Symphony Orchestra conduct- 
ed by Yoel Levi with Ju Hee Suh. pi- 
ano. Borodin, Tchaikovsky and 


DaSOn' Carter, harp, John Martin. 

. ■<^^.I«anbye I Parris, Weber. De- 
'$l»jssy. Boccherinlr Ravel (Thor). 
.^Kennedy Certier(2543T78)." 

; | WWJ\r ; J f-'i-T- 1 - -V s " ■/ • . 

Homero Ftaotcrach (piairaH-^csdata;: _ CHWAOO. 

Ravel, Brahms.. Tokyo ’Bsmks/ JSai-.i CKAcsco Symphony (OndiBstral Hall): 
ban Recital 1 Halt fT-ir), (2W^990fv..i;Kint -Mazur - conducting, ' Edith 
888 60 M)l ' '= : Wiens, Sop r an o, ahd : Chicago Sym- 

Dezse BauM > ftuanO): ' Beefetoven, - mho Chorus. Bach,- Grieg (Thur). 
Brahms. SboWa, T?\b.acsq's C?0^e, ' r (S»; .Till). . 


Theatre 


NEW YORK 


Cals (Winter Garden): Still a sellout, 
Trevor Nunn's production of T. S. 
Eliot’s children's poetry set to tren- 
dy music is visually startling and 
choreographically feline, but c la ss i c 
only in the sense of a rather staid 
and overblown idea of th e atricality. 
(2396262). 

42nd Street (Majestic): An immodest 
celebration of the heyday of Broad- 
way in the *308 incorporates gems 
from the original film like Shuffle 
Off To Buffalo with the appropri- 
ately brash and leggy hoofing fay a 
large chorus line. (977 9020). 


Judd Hirsch and Cteavon Little, who 
almost conquer the world when they 
think they are just bickering with 
each other. (239 B2S0). 

Big Bhvr (OTleflJ): Reger Mflleris ma- 


Brightau Beach Memoirs (46th St): 

' Neu Simon's 


The find instalment of ! 
mix of memories and jokes focuses 
on a Depression-era Jewish house- 
hold where young Eugene falls awk- 
wardly in love with his cousin. 
(2211211). 

A Chorus Line (Shubert): The longest- 
running musical ever in America 
has not only supported Joseph 
Papp's Public Th e ater for eight 
years but also updated the musical 
genre with its backstage story in 
which the songs are used as audi- 
tions rather than emotioo& 

(239 6200). 

La Cage sux Fallas (Palace): With 
some tuneful Jerry Herman songs. 
Harvey Fierstein's adaptation of the 
French film manages, barely, to cap- 
ture the fed of the sweet and hilar- 
ious original between high- kicking 
and gaudy chorus numbers. 

(7572626). 

Fm Not Rappoport (Booth): In moving 
to Broadway; Herb Gardner's touch- 
ing, funny anf * I nvi g ora ting play 
about two oldsters retains its stars. 


Hack Finn's adventures down the 
Mississippi, which walked off with 
many 1885 Tony awards almost by 
default (2460220). 

Philadelphia Story (Arena): E l in or 
RenSeld. who last directed PWer N5- 
cho&s Passion Play here, takes on 
the Phffip Barry Ame ri c a n classic 
about a headstrong debutante 
Whose society wedding draws the 
press to gawk. (4883300). 

Loot (Musi Box): John TBfinger di- 
rects this high-spirited revival at 
Joe Orton's 1968 macabre fane fea- 
turing Zoo Wanamaker as the homi- 
cidal nurse who romances a widow- 
er while baying his wife and conniv- 
ing with their thieving son to hide 
the body. (239 6200) 


Trcoan Women ami .focal ■groupsrllke 
the Body Pofitie -4)fog Earry v Ee- 
ton's Tn*T Hltdi-H&eraairfthe Im- 
mediate Theatre ifoftig l.illian.Hpiy- - 
man’s Another Part of 'Jha Ft^esL' 
Ends May 25. (B44j»ffifcy .-' ; -f v .' r 


vecari^undermiitedbyanimcon- 
1 V&dentretalatfoxL BjUFTOser’is a 


dnmltfrrf ■ -pi 

ted by Tunothy 


TOKYO 


Our JapiavOar 

A revue by AKrion-za. Tokyo’s only 
resident professional English thea- 
tre. Comic sfeet^es andmuskt bufft-. 
around, a fictitious Japanese family' 

- provide material for 
wtesatl re: An excri ientwE ty tn(fissi- 
pate frustrations, imtatfams or. Be-, 
am aetnents - ah antidote to the se- 
- riousness witii which. Japanese 
view, tt^onsrives. Starring Shiazt. 
Atkin, James H om«iA u Jeff Mmmihg.- 
Afbfon-zafs theatre^ Ehlau. 

(443.3963). 


.*. »|T<ii ^to-winpl)^ ay* 

"ij West and EnmeUa Scales The 1930 
. theatre has been beautifully rew>- 
- -^ated^(830:Tf65).. V * . • ‘ . 
-NmseS'Off .(Savo^; The funniest play 
. .Jor yeais ■ in Lcaadon, now w£Bx an 
. fngmaved third acL. Michael Blake- 
:"4nora’s ' hrUhant direction of back- 
•• -stage sbenaitffiahs oh tour .with a 
/ thirdrafe^ force is a key factor. 


(Apofie Victoria): 
Lloyd Webber’s roSerskaC- 


LONDOH 


CHICAGO 


Pump Bqys and Dinettes (Apollo Cen- 

and down-home cana^^Mewith a 
good beat and some memorable 
songs, especially one played on kit- 
chen utensils has moved to be a du- 
rable Chicago fait (935 6100). 

Cate (Shubert): The national tour has 
stalled here while the T. S. Eliot lyr- 
ics and Andrew Uoyd Webber fones 
take extra time with an ext e n d e d 
run. Bods May 31. (977 1710). 

into— fional Theatre Festival: Brit- 
ain's National Theatre brings The 
Cherry Orchard directed by Mike 
Alfreds and The Duchess of Until 
directed by Philip Prowse to a fes- 
tival that inriudes an Israeli compa- 
ny p erform ing Joshua Sobers Ghet- 
to, a Japanese «»"fy rfnttig The . 


Lend Me A Tenor 
inventive 


j: Fresh atrf 
feibe 'by. .new 


American author Ken Lodwigsetin 
1934. Dei 


Cleveland, Ohio in 1834. Dennis 
Lawson and Jan Francis lead an.en- 
ergetic company in iwiimwm foen- 
tity romp, while Verdi's OteDo car- 
ries on regardfoss. (437 1592) 

Blithe Spirit (Vaudeville): Excelfcnt re- 
vival at Noel Coward's smart ccau- 
edy about a novelist harassed fay his 
second wife and haunted by. Jus. 
first, Pinter's Old Times owes a fart, 
to tiiis play, well directed fay Peter 
Farego, acted without undue Cow- 
ardian reverence by Simon Cadell, 
Joanna Lumley and the alabaster 
beautiful Jane Ariier. (836 99871 •' 
When We Are Married (Whfiehallh 
Maidilesscoinic playing from an all 
star cast in Priestley's comic war- 
house about rihrm- wedding anni- 


. lihorie j»agic;'aii e^ritihg first half 

- mwf a Jdwind3ing:_paijoee on 

Indiscriminate ro^hkig'&rooDd. Dra- 
. nayfend. Star Wars tod-Caits are all 
influences:. PaatidoaifiCOTe nods to- 
’■ wards WK*,‘c6mitryaad hot 
/ -N6 chjM is known to have asked for 

4SSod $trv^{braty^Lone): No British 

- equivalent has beenioimd for.New 

York’s JerryOrbach,bot David Mer- 
riHr*? -'tep ri taring extravaganza him 
been - • •Ytoturonaly •• received. 
(8388108V I.-..,..: 

Torch Song Trilogy (Afoery^r Antony 
Shar.playsHarvey fierstein's -frmr- 
•" hour Irqdydi of the life and loves of 


. .aid- domestic' stability- Trathlul 
. playing has the effect of cruelly ~ex- 
‘v podng Berstein's' tackily uneven 

.. Writing- (836S»T8 )l . 

Jjanmn. (Astoria): A/ not too critical 
- v celebration of the fife music of 


taaBy for., the musical 
... ness of thecast and Mark McCann's 
fjyiwm . ■ . , fobk- and -sound -alike. 
(7344287): ■>, 

- - Continned on Page 17 


TECHNOLOGY 


WHEN the f 180m joint Govern- 
ment and industry Experimental 
Aircraft Programme (EAP) 
makes its first flight next month 
from British Aerospace’s 
Wart on, Lancashire, airfield, it 
will be the culmination of a 
research and development 
venture lasting several years, 
and designed to prove the 
capabilities of the UK aerospace 
industry across a wide range of 
advanced technologies. 

These cover three broad 
arenas: 


Future aircraft 

material 

breakdown 


• Advanced structural design 
and manufacturing techniques, 
including the extensive use of 
carbon fibre composites and 
other advanced materials. 

• The “fly-by-wire" system of 
electronic control of an aircraft 
in flight to ensure extreme 
agility in combat 

• Development of an advanced 
electronics cockpit aimed at 
relieving the work-load on the 
pilot enabling him to devote 
more time to fighting rather 
than flying. 

All three areas, although 
initially of vital significance in 
military aircraft, also have far- 
reaching long-term conse- 
quences for civil airliner 
development. 

The EAP is effectively a 
“technology demonstrator," and 
not a prototype fighting 
ma chin e. Jt js the only aircraft 
of its kind in the UK — there 
is no plan to build a second 
aircraft. A successful flight 
test programme is thus critic- 
ally important, for hopefully it 
will prove that all the work 
done in these advanced tech- 
nology areas over recent years 
is on the right track. 

Although the EAP was not 
intended specifically to be the 
prototype of the projected 
European multi-national combat 
aircraft, now called the Euro- 
fighter, it will demonstrate many 
of the materials and other tech- 
nologies to be incorporated in 
the latter aircraft, and will 
effectively stand in loco parentis 
as a flight test vehicle until 
the first Eurofighter prototypes 
themselves become available 
around the end of this decade. 

Many companies in the UK 
aerospace industry have been 
involved on EAP, Including not 
only the Military Aircraft Divi- 
sion of British Aerospace and 
Rolls-Royce (whose RB-199 
engines power the aircraft), but 
also Dowty, Ferranti, GEC 
Avionics. Lucas, and Smiths 
Industries, together with com- 
panies in Italy and West 
Germany. 

In advanced materials and 
manufacturing techniques. BAe 
has been in the forefront of 
research and development of 
carbon fibre composites (CFCs) 
since 1970, when a batch of 
Jet Provost rudder trim tabs 
entered service with the RAF, 

Since then, BAe's CFCs have 
been used on such combat air- 
craft as Jaguars. Tornados, 
Harriers, Swedish Saab Gripen 
JAS-39s, and now the EAP 

(wines. fnreofonps. 



CARBON FBHE 
COMPOSITES 


5ourca: British Aerospace 


Material changes in the 


way aircraft are built 


panels and doors, cockpit floor 
structures and side panels). 

BAe says that whereas in 
1980, in aircraft such as the 
Tornado, aluminium alloys 
accounted for nearly three- 
quarters of military airframe 
structures, with conventional 
titanium alloys and other 

materials accounting for the 
rest, by about 1990, when the 
Eurofighter becomes airborne, 
close to one-half of the struc- 
ture will be in CFCs, matching 
if not exceeding the volume of 
aluminium alloys, with titanium 
and other materials making up 
the remainder. 

The EAP is intended to 
demonstrate the validity of 
such changes, including the use 
of so much CFG material in a 
military airframe, subjected to 
severe stresses and strains in 
flight 

The advantages of CFCs in- 
clude a reduction of up to 30 
per cent in manufacturing costs, 
due to a reduction in the num- 
ber of detailed parts; an in- 
creased strength-to-weight ratio 
in those parts; a reduction in 
the volume of waste materials; 
and the ability to produce 
large, complex, curved shapes as 
required in advanced military 
aircraft. 

This does not mean that 
metals are on the way out: far 
from it Titanium will still be 
used in both the EAP and Euro- 
fighter, together with new metal 
alloys Such as aluminium- 
lithium, which has a higher 
degree of strength and stiffness 
than other aluminium alloys, 
but with a substantial saving in 
v>p*»j»i t ind x high level of 


Michael Donne reports 
as Britain’s 
technological showcase 
prepares for take off 


corrosion resistance. 

Allied with these new 
materials are new methods of 
handling them, such as super- 
plastic forming and diffusion 
bonding, as developed by BAe 
specifically for aircraft work. 

Superplasticity is a pheno- 
menon occurring when metals 
with a suitable micro-structure 
fsuch as certain alloys of 
aluminium, titanium and steel) 
are heated to about 50 per cent 
of melting point, when the 
metal can be formed into the 
complex shapes needed in aii^ 
craft structures. 

The advangtages of super- 
plastic forming include a reduc- 
tion in the number of detailed 
parts, with reduced manufactur- 
ing and assembly times, and 
thus reduced costs; consider- 
able weight savings: and 
increased damage-tolerance and 
repair capabilities. 

Similarly, diffusion bonding 
involves joining titanium alloys 
at critical temperatures so as 
tD produce complex shapes that 
are competitive in both terms 
of cost and weight with carbon 
fibre composites and conven- 
tional aluminium alloys. 

SiJDDo-iinp ihesc develno- 


meats, BAe has evolved a 
major advanced manufacturing 
technology programme, that 
includes not only the extensive 
use of computer aided design 
and manufacturing techniques 
(CAD/CAM), but also extensive 
automation in numerically- 
controlled machining — enabling 
the manufacture of complex 
parts up to 15 times faster than 
by conventional methods — and 
the automation (including use 
of Robotics) of other processes 
from the receipt of raw 
materials through to produc- 
tion of finished parts for direct 
assembly on the aircraft. 

These systems in turn can 
reduce manufacturing times by 
up to 80 per cent, cut unit costs 
by up to 70 per cent, reduce 
the amount of work in progress 
at any one time by up to 90 
per cent, and thus substantially 
reduce the amount of material 
stocks held. 

The second major area of 
EAP advanced technology, fly- 
by- wire, is a system of control- 
ling an aircraft’s manoeuvrabil- 
ity in flight by electronic, 
instead of mechanical means, 
so as substantially to enhance 
its agility, which is vital in any 
combat aircraft. 

Instead of conventional wires, 
rods and pulleys to move the 
control surfaces oo wings, rud- 
der and tailplane. electrical 
signals are sent to actuators 
which in turn move those sur- 
faces. The control surfaces 
themselves, and even entire 
wing sizes, can be made smaller 
because they are more efficient, 
which in turn leads to reduced 


drag, requiring smaller, lighter 
engines burning less fuel to do 
the same Job. 

Until the arrival of high- 
speed on-board computers, this 
was but an aircraft designer’s 
dream. Now, with fly-by-wire 
and the changes in aircraft 
design that can result from its 
use (called control-configura- 
tion), the pilot can manoeuvre 
his aircraft to the limits of its 
airframe strength without 
getting Into difficulties, result- 
ing is substantially improved 
agility- The sysem has been 
proved in a BAe Jaguar flying 
test-bed, and is now being in- 
corporated on the EAP. 

Although primarily of imme- 
diate value in military aviation, 
fly-by-wire also has considerable 
potential long-term benefit . in 
commercial aircraft, where 
although comparable agility of 
aircraft manoeuvre is not 
required, a reduction in pilot 
work-load is of considerable 
significance, as are the struc- 
tural weight savings that fly-by- 
wire generates. 

Further significant advant- 
ages in flight control can be 
derived from the introduction 
of advanced electronic flight 
decks, where multi-function 
colour TV displays, associated 
with computer memory banks, 
reduce the mass of dials hither- 
to employed, and make life 
more comfortable for the pilot. 

Such displays provide far 
more comprehensive and Imme- 
diately available (at the touch 
of a button) information for the 
pilot about bis aircraft's sys- 
tems, such as engines, hydrau- 
lics and fuel. 


In the EAP, such displays are 
being carried well beyond those 
already employed in such air- 
craft as the Tornado, or even 
in those commercial aircraft 
where electronic flight displays 
and flight management systems 
are already employed (tor 
example in the Boeing 757 and 
767 airliners, and the forth- 
coming Airbus A-320). 

As a result of combining all 
the technologies, the EAP is one 

of the most advanced aircraft 
in the world, and certainly in 
Western Europe (the French 
claim that its rival, the Dassault 
Rafale, also due to fly soon, 
embodies similar advances in 
technology), across the entire 
spectrum of aircraft design and 
manufacturing techniques, as 
well as in operational perfor- 
mance in flight. 

Everything employed in the 
EAP will eventually be em- 
bodied in the projected Euro- 
fighter, and even carried to 
further extremes, because the 
research in all these fields has 
not ended with the completion 
ot the EAP. It will be con- 
tinued at ao accelerating pace 
as the Eurofighter itself is 
developed, to the ultimate long- 
term benefit ot all military and 
civil aircraft developed in 
Europe. 


Seiko system offers 
information at the 


twist of a wrist 


Ford manage 
quality . 
with Husky 



HUSKY 


MAMJWCTCRWS OF 7H6 WORLDS MOST 
POWERFUL HAND-HELD COMPUTERS 


WRIST INFORMATION Is the 
latest nricro-wonder from 
Japan, In which Seiko has 
developed ways of using a 
wrist-worn “ terminal ” In 
conjnnctlon with a personal 
computer. 

Known as the RC10M, the 
unit, the size of a large wrist 
watch, fe plugged into the 
RS232C socket of a personal 
computer, allowing some 80 
miniature “ pages" of in- 
formation each of 24 charac- 
ters to be down-loaded Into 
the wrist unit in under 10 

seconds. 


Seiko describes this as “ an 
iagentom way ot carrying 
data which would normally 
be kept at home in a per- 
sonal computer." 

The RCIMO has various 
operational modes Including 
ordinary timekeeping, a user 
definable storage facility, a 
schedule alarm (reminders 
about times of meetings, 
flights etc), and a world time 
display for up to 89 cities. 

Seiko is offering a similar 
system, the UCW«, which in- 
cludes a specially-designed 
computer controller, in place 
of the PC, with two-way 
transfer of data between the 
two by electromagnetic in- 
duction instead of a cable. 
Wore in the UK on Ofigg 
34655. 



TV pictures 
in miniature 


from Marconi 


CATHODE RAY tubes only 
an inch In diameter which 
can produce an 890 line tele- 
vision. picture, weigh only 
100 grains and are under six 
inches long, have been de- 
veloped by Marconi Osram 
Valve (MbV) company of 
London. . A special power 
supply has been developed by 
Brandenburg, a British com- 
pany which specialises in this 
field. 


WORTH 

WATCHING 


Edited byGuoffCharfish 


UK ENGINE MAKERS Per- 
kins and Petbow have both 
announced new electronics 
applications. 

Perkins Engines in Peter- 
borough has set up a 
computer - based eiwmmai- 
cations link with its customers 
and suppliers which will give 
a faster and more flexible 
response to engine orders 
and a closer liaison with the 
company's manufacturing 
suppliers and customers. 
Austin Rover, JCB, Caterpil- 
lar and Hyster are among the 
first users. 

Petbow has a new form of 
electronic control for its 
product, a range of diesel- 
driven electric generating 
sets. Designed for use on the 
generators, which rouge from 
15 kW to 1006 JkW. the system 
uses liquid crystal displays to 
■how output in volts and 
amps and the percentage 
l oading on each phase. There 
are also alarm displays for 
faults such as low oil pressure, 
high temperature, over-speed 
and overload. 


DANISH REFRIGERATION 
specialist A. Graukow says It 
Is now economical to reclaim 
refrigerant (hat would other- 
wise be wasted after test on 
refrigerator production lines. 

The company offers purifica- 
tion systems working at 30 
kg/ hr, developed in conjunc- 
tion with tiie refrigerant 
manufacturers (which have 
tested the systems). Grambow 
says the fluid can be 
reclaimed to the same degree 
Of purity as the freshly 
marketed product, that is. 
with a moisture content of 
less chan 10 to 15 parts/ 
million, without oil and non- 
condensable gases. Gramkow 
Is in SoadeHborg on 
04 43 3636. 


Hie small size aad weight 
of the tube allows it to be 
mounted in positions not pre- 
viously practicable — on a 

pilot’s helmet for example, to 
provide him with flight data 
whatever the orientation of 
his head. The tube also 
a low distortion display, is 
rnggedised and consumes only 
10 watts from a 24 volt air- 
craft supply. MOV HQ in the 
UK is on 01-603 3431. 


PRINTED BOARD computer- 
aided design (CAD) software 
Is offered by RGB Micros, the 
Windsor, UK company which 
Is also a major distributor of 
AutoCad, the US-designed top 
selling CAD program. 

KGB claims that until now. 

printed circuit board 
designers have had to use 
an expensive mini or micro- 
based system to get a reason- 
able level of sophistication. 
The new software, called 
Hy board, runs on the IBM XT 
or AT and costs £5,000 for all 
three program modules, 
covering circuit schematics, 
board artwork and automatic 
routing of the board conduc- 
tors. More on 0753 8501 11 . 





PRIVATE WIDE area net- 
working is offered hy Interna- 
tional Computers in the UK, 
based on the international 
X25 standard for packet 
transmission and switching of 
data. 

ICL has a range of switches, 
with network management 
software, supported by 
services for pluming, design, 
implementation and training. 

. Called Ospae, the system is 
arajed at large organisations 
with several geographically 
dispersed sites that need to 

Qp for computing 

purposes. More on 01 788 



• Bttwai Memorial Ball, soar Sang- 
hnjayo. (Wed). (235 - 

Helmut Deo tech (piano); Beethoven, 
Debwasy, Barfok. Franck. Ishibashi 
' Memorial Ball (Wed). (235 1661). 

The Orvdtend Quartet: All-Bach pro- 
imau. Yaesu Negu Rail, near To- 
j Stoifon. piior)' (271 1227). 








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Vandal Times Friday May 


16 1986 


THE ARTS 



Cinema/ Ann TotterdeU 


Dead ducks, dead fish and deadly sex 


W directed by Adrian Lyne 

*%£££* d, rented * £ 

direc “* 

dotted by Robert 

nannoa 

'!S?J555Ss 0, “ itat 

Qtae directed by Jonathan Lynn 


For sex oq the screen to 
work it must bo presented as 
a challenge, forcing audiences 
ta confront not just cinematic 
usages out their own image of 
themselves. Which is why 
directors like Bertolucci, 
and Roeg make aims 
that transcend vulgar labels — 
not sex. films but fijro s about 
sex. Attempting to keep com- 
pany with them and to bring a 
more dangerous view of sex 
nrto the mainstream, Adrian 
Itfae (English director of 
r rasmlance) is immediately 
defeated by compromise with 
Si Weeks. 

Set in a New York that is 
often richly unrecognisable 
under the photographic direc- 
tion of Peter Biziou, the film’s 
. title refers to the duration of a 
love affair between reserved art 
dealer Liz (Kim Basinger) and 
John (Hickey Rourke), a com- 
modities broker with chic, cheek 
and an unorthodox personal life. 

Another woman might have 
called it a day when he play- 
fully stranded her on top of a 
ferns wheel but, simultaneously 
attracted and disturbed by his 
babying and abusing, she keeps 
coming back for more — blind- 
Addings, dressing up, shop- 
lifting, spoonfeeding, sex in 
public placet— until she Is com- 
pletely under his control. 

Though it is implied over and 
over again that the relationship 
is based on sado-masochism 
there is nothing left on screen 
to confirm it The film has 
obviously been drastically cut 
leaving only harmless if extro- 
vert game s-playing that fails to 
support Lyne’s argument that 
physical and emotional violence 
can fuse into an imprisoning 
obsession. 

Maybe if he'd resisted the 
urge to prettffy all bis images 
and then alternately undermine 
or over-emphaslae his points 
with a. heavyhanded music 
scare* Lyne could have liber- 



ated his narrative and told us 
the truth. 

Instead we have 116 minutes 
(it feels longer) of lyrical 
emptiness punctuated for some 
inexplicable reason with con- 
stant peripheral references to 
animate: dependent dogs, pre- 
datory cats, dead mice and 
wooden birds. 

On the day Basinger and 
Rourfce meet she watches a fish 
struggling on a fishmonger’s 
slab. At the moment she 
realises she must break free 
from Rourke the saintly old 
artist she is visiting is clutching 
a dead fish. By which time I 
had concluded that I was 
watching a dead duck. 

★ 

At least we are spared such 
pretensions in StreetwaUcing. 
At the opposite end of the 
social scale to Iyne's lovers. 
Cookie (Melissa Leo) is a naive 
provincial girl who runs away 
to New York after being abused 
by her stepfather and is easily 
drawn into a life of prostitution. 

When she tries to leave her 
psychopathic pimp lover for a 
new protector she triggers off 


Kim Basinger in “9J Weeks" 

a war between rival pimps with 
predictably violent results, if 
the film has a theme it is one 
of betrayal; even The prostitutes 
can't stand by each other when 
it comes to the crunch. 

It is a pessimistic story con- 
taining little that is fresh but 
nevertheless it is definitely the 
better half of a double bill. 
The title of its partner, 
Slumber Party Massacre. 
directed by Amy Jones, says it 
all. A group of high school 
girls have a dumber party and 
most of them get massacred, by 
an escaped driller killer. 

Again it is predictable stuff 
with little humour and a lot of 
blood, the usual study of penis 
envy translated into an 18-inch 
drill whose battery never goes 
flat. 

The unifying theme of the 
programme is that both films 
are exploitation subjects 
directed by women. Z can 
accept that Joan Freeman and 
Amy Jones, both proteges of 
Roger Gorman, sincerely felt 
these films were their only 
route to a direetionial break. 
but it is a pity neither has 


managed to turn the genre on 
its head or extract any sort 
of real revenge. 

Joan Freeman may survive 
to make a film with a little 
mm dignity than Street-walk- 
ing — her rather dull story is 
at least handled with compe- 
tence and at a stylish pace. 

Amy Jones's second film, 
Lore Letters, has already 
opened here and confirmed her 
as a rather uninspiring director, 
even when she provides herself 
with better material. 

* 

A wide choree this week: sex. 
violence — or sex and violence. 
The • Hitcher, yet another 
exploitation movie, comes into 
the second category. C. Thomas 
Howell plays Jim Halsey, a 
young man driving to Califor- 
nia who picks up a hitchhiker 
(Rutger Hauer) and narrowly 
escapes being knifed by him. 

From then on it's a race 
against time to convince the 
authorities that there is an 
insane killer decimating the 
population with, of course, the 
evidence stacking up against 
the wrong man so that Halsey 


finds himself a fugitive insteaed 
of a hero. 

lc is the sort of film one 
suspects has been written by 
a committee. Find the ingre- 
dients first: a violent stranger, 
guns, knives, severed limbs, 
plenty of flaming cars, dead 
policemen and a crashing heli- 
copter. top it all with a really 

nasty fate for some poor female 
— and then concoct a plot to 
hang them on. 

There's a sugestion that some 
subliminal rapport has evolved 
between the Hitcher and Halsey. 
Let us hope that doesn't mean 
The Hitcher II is imminent. 
Another directorial debut, this 
time for Robert Harmon, well 
supported by director oE photo- 
graphy John Seale who makes 
the desert locations seductive 
and sinister even when Hannon 
lets the pace sag. 

* 

There aren't so many corpses 
in He Died With His Eyes Open, 
a sub-titled French thriller in 
which the detective hero 
Slaniland (Michel Serrauti) 
becomes obsessed first by an 
unusual murder victim and 
then by the victim's elusive 
mistress (Charlotte Rampling), 

Becoming enslaved by your 
number one suspect doesn't 
seem like very professional 
conduct but Slaniland is a 
unique kind oC detective. Un- 
fortunately Michel Serrault's 
performance alone cannot bring 
this film to life. Disappointingly 
directed by Jacques Deray (who 
made Boreotino) the result is 
atmospherically and visually 
rather flat. 

ir 

Catching up with Clue at a 
local cinema provided some 
light relief. Basing his plot on 
the board game Cluedo has 
given writer/director Jonathan 
Lynn an unabashed excuse for 
introducing cardboard cut-out 
characters in stereotyped situ- 
ations. This house party 
mystery in which everyone has 
a motive for killing the black- 
mailing host is more farce than 
thriller since it is impossible 
to care who dunnit. 

Choreographed rather than 
directed, the excellent cast (in- 
cluding Lesley Anne Warren, 
Martin Mull, Tim Curry and 
Eileen Brennan) might have 
lifted the film out of the 
ordinary If only the humour 
had been less laboured. It may 
well make better viewing 
when it turns up on television. 


Chess/Prince Edward 


Michael Coveney 


Lontano Ensemble/Elizabeth Hall 


The Lontann Ensemble has 
switched its base for the time 
being from SL John's* Smith 
Square to the Queen Elizabeth 
Hail, There, qn Wednesday 
night, directed by OdaUne de 
la Marlines, it gave the first of 
a pair of concerts each compris- 
ing a piece by the young 
English composer Steve Mart- 
land and two other items: 
Constant Lambert's Concerto 
% for plana and nine instruments 
and Richard Rodney Bennett's 
Jazz Calendar an Wednesday; 
Ravers Chansons maddeasses 
and Boulez’s Marteau son 
Mattre. follow on June SL 
The Lambert concerto is one 
of only two of his productions 
likely to retain permanent 
interest (the other being The 
Rio Grande). It is a substantial 
three-movement construction, 
marked by an individual fusion 
of- blues harmony. 
rhythms and classical proprie- 
ties. and shot through with an 
extreme melancholy: it was 
written in 1981 in memory or. 
the composer Peter Warlock 
who had gassed 
The pianist Sheiagh sitter- 
land made rather little 
colouzistically and dyujumadly 
of her extensive solo P**® 8 ** 
often unacwmpMteJ. and tt 
she managed to keep alive her 


Paul Driver 

choppy rhythms- she failed, for 
instance, to capture the magic 
of the last movement's final 
bars — a sudden dying fall of 
intense 'pathos. Nor was one 
much more encouraged by the 
general interpretation of detail 
and structure: the English wist- 
fulness, elegiac nuances, even 
the jazzy flourishes of the music 
would have had keener and 
more fblsome effect if an even, 
nnde^emphasised, more relaxed 
approach, bad been found. 
Instead, the main ideas came 
over as too literal or explicit, 
and slightly disrelated. - The 
M Lugubre ” character of the 
finale was grossly exaggerated. 

Steve Martiand’s American 
Indention — which had its pre- 
miere at last year’s Aldebucgh 


Festival— is a protracted ex- 
ploration of Dutch-minimalist 
fabfaSnff rhythms and the odd 
sustained chord for relief, 
scored, for noisy ensemble in- 
cluding rack-percussion and 
electric guitar. Compared with 
other Martland works I have 
come across '(for example 
Remembering .Lennon, to be 
heard in the next Lontano 
concert), this one seemed 
limited in scope and material. 

Jazz Calendar, composed in 
ISfiS. and a Frederick Ashton 
ballet score of the same year, 
occupied the whole second 
half with its pallid resume of 
various ja 2 z styles. Nothing 
classically-influenced, redolent 
of “crossover" here — just 
castrated pore jam. . , 


Joy at Kenwood and Dulwich 


Two of London’s most attrac- 
tive public art galleries have 
just enjoyed celebrations. 
Dulwich Picture Gallery In 
sooth London announced the 
achievement of its £500,000 
appeal, and £90,000 more, to 
secure its premises and its 
future, and the return of its 
masterpieces from a fund- 
raising visit to the US, while 


Kenwood has celebrated its new 
ownership by English Heritage 
by acquiring a landscape by the 
17th century artist Gaspard 
JQnghet lor a modest £35,000. 

It ia now an view. Kenwood 
hopes to complete its recruit- 
ment of additional keepers in 
the near future to ensure 
uninterrupted access for the 
public. 


Les Grands Maitres/Festival Hall 

Dominic Gill . 


The last of the Royal Phil- 
harmonic Society's, concerts 
under the collective title of 
“ Les Grands Maitres Franca is ” 
was played on Wednesday even- 
ing by the Bournemouth Sym- 
phony Orchestra under Louis 
Fremaux. It has been a worthy 
series, and during its course a 
number of minor and major 
rarities have been revived. 
On this occasion it was a 
pleasure to hear Bizet’s exuber- 
ant overture Patrie! given with 
such easy, incisive confidence — 
and without a trace of apology 
for the vulgarity never far from 
(and once or twice distinctly 
near) the music's surface. 

Fremaux' s account of Satie’s 
little Gymnopddies in Debussy's 
orchestration — illuminated by 
the silken oboe . playing of 
Andrew Knights (who must 
already be ranked among the 
three or four finest of our 
orchestral oboists) — was a deli- 
cate, amorous interlude before 
the evening’s chief rarity. 
Vincent d’lndy’s Symphonic 
cCvenole, also known by its fuU 
title Symphonic sur un chant 
montognard francats, is a glow- 
ing, uninhibited evocation of a 
mountain song from the 
Cftvennes — but of far more 
grandly Wagnerian stance (if 


not Wagnerian flavour) than 
the association would suggest. 

It is made, essentially, of 
pretty slender stuff: but d'lndy 
spins it out with ingenuity and 
with the sweetest good humour. 
There are some tougher ideas 
too lurking just below the 
shimmer (notably some masterly 
Lisztian thematic transforma- 
tions) — sharper, crisper attack 
from the solo pianist Michel 
Dalberto might have added, in 
the finale especially, a little 
more glitter. 

Saint-Saens’s last and most 
splendid symphony, no 3 in c 
minor — “this imp of a sym- 
phony has gone up half a tone : 
it didn't want to stay in B minor, 
and is now in C" — was com- 
missioned by the Philharmonic 
Society and given its premiere 
under the composer at St 
James's Hall almost exactly 100 
years ago. The Bournemouth 
Orchestra's performance had an 
energy and a sunny clarity that 
served the symphony well. The 
lovely D flat slow movement, 
unfolded by Fremaux broadly 
nobilmente, was especially stir- 
ring. The tittle fugala before 
the finale was alive with 
rhythmic bounce; and the finale 
itself, fanned to a blaze by the 
organ, was a vivid conflagration. 


It is exactly 100 years since 
Steinitz crowned himself the 
first world champion of chess, 
and the sport that ts Soviet 
Russia's chief pastime is now 
the subject of a decadent 
Western musical written by Tim 
Rice dynes) with Benny 
Anderssan and Bjorn Ulvaeus 
(music), directed by the show- 
biz Shakespearian Trevor Nunn, 
lit by David Hersey and 
designed by Broadway's Robin 
Wagner (sets) and Thecni V 
AWredge (costumes). 

The first half is set in the 
Italian mountain village of 
Merano, the second in the hotels 
and temples of Bangkok. "The 
Sound of Kismer," in fact, 
would not be loo sarcastic a 
description, for the cold war of 
a Red-bashing Temperamental 
American champion and the 
warm, well-behaved Russian 
challenger is merely the back- 
ground to a rather muddled 
romantic story involving Elaine 
Paige as Florence, the American 
second, who falls in love des- 
pite conflicting ideologies. Elton 
John's “Nikita” video said it 
all more pungendy in five 
minutes. 

The story was confusing on 
the original album — which con- 
tains two first class ebart- 
toppers, *' Bar.kok ** and “ I 
Know Him So Well" — and 
Mr Nunn and company still 
fail to elucidate why the Rus- 
sian wife of challenging Anatoly 
is such a pain; what exactly is 
the political zcanouevring be- 
hind the exchange of Florence'* 
father (not seen by her since 
she fled Budapest in 1956} for 
the Soviet redemption of Ana- 
toly; or why Murray Head's 
histrionic mixed-up kid of a 
defeated champ should turn up 
in Bangkok as turncoat media 
commentator before feeding 
tips to Anatoly on his Indian 
defence. 

In Bangkok. Anatoly is play- 
ing a new challenger (a Soviet 
nonentity whom we never see) 
having defected to England for 
love of Florence. In Mr Head's 
first act tantrums there are 
echoes of Bobby Fischer's be- 
haviour in the 1972 champion- 
ship, and elsewhere the plot con- 
tains obvious echoes of Karpov 
and Korchnoi. But Korchnoi's 
complaint never ran to reprising 
a lot of Abba-style dead wood 
recitative that only reminds one 
of how good Jesus Christ Super- 
star was in that respect, and 
how dated and dramatically 
inert much of this sounds. 

Unhampered by any such 
misgiving, Mr Nunn transforms 
the material into a fine spectacle 
of chorales, operatice domestic 
scenes and Eoita-like bobbing 
company tableaux, none of it as 
brilliantly distinctive as Hal 
Prince's work on the latter 
show, all of it superbly sung 
and, above all, lushly orches- 
trated and ingenously znanufac- 



Elaine Paige and Tom Jobe 


AM stair Muir 


tured through the sound system. 

The stage lifts and tilts, the 
squares light up in bars and 
for the climactic all-Russian 
match, by now relegated to a 
diplomatic charade in the love 
tnangle. the company assemble 
in severe black and white cos- 
tumes intoning the names of 
past grandmasters through to 
Petrosian and Spassky. 

The one performance that 
stands out is Tommy Korberg’s 
as Anatoly, an immediately 
sympathetic performance that 
free-wheels expertly through the 
Abba whirligig of crashing 
chord sequences to register a 
defiant cry on behalf of the 
patriotic exile. At such 
moments, of which there are 
too few, you recall that Mr 
Nunn's last anti-Soviet musical, 
Every Good Boy Deserves 
Favour (with Messrs Previn and 
Stoppard) gave impassioned 
expression to the dissident’s 
plight. 

The proceedings are moni- 
tored and supervised by Tom 
Jobe as an athletic Arbiter wbo 
makes the most of his item with 
the other judges even if he does 
resort to outrageousness. It is 
hardly his fault that he re- 
sembles a disco-dancing Scandi- 
navian maniac in the Euro- 
vision Song Contest. The diplo- 


matic wheels are oiled and then 
clogged by John Turner as the 
Russian second, Kevin Colson 
as a broadcasting executive. 

The media hype and pressure 
on the contestants is conveyed 
by a battery of TV screens (all 
128 of them, that is twice times 
the 64 squares) and the excited 
introductions by none other 
than former newscaster Robert 
Dougall (the admirable fellow 
who gave up reading the news 
because it was all so terrible). 

Miss Paige, as usual, sings 
fit to burst, but she lacks a 
clinching element of emotional 
warmth (and should change her 
hairdresser), a quality you feel 
un thriftily squeezed out of 
Siobhan McCarthy's inpene- 
trable spurned wife. Still, their 
duet confirms the song as one 
of the best pop numbers of 
recent years, thrilling in its 
undercutting syncopations, 
melodic thump and structure. 

The show is extremely theatri- 
cal but. paradoxically, lacks a 
true sense of theatre, as 
signalled by the ornate Chinese 
chess ballet prelude, a needless 
device echoed by the relaxed 
Thai jinks after the interval. 
Not too many complaints about 
Mr Bice's lyrics this time, some 
of them of almost Gilbertian 
wittmess- 


Incident/Riverside Studios 


Epigonenteater dr is a 
Belgian performance-art group. 
It is also a possible entry for 
the next Olympics, to judge by 
the 90-minute rigorous training 
session disguised as theatre cur- 
rently showing in Hammer- 
smith until and including 
Sunday, providing that nobody 
has broken their neck, sprained 
their ankle, been stunned by 
the punchbag or decapitated by 
the swing. 

Offstage voices in a wordless 
chorale accompany the slow 
illumination of a backdrop of 
what looks like Liberty curtain 
fabric, in front of which two 
couples stand. The men are 
po-faced, the girls begin to 
smile. Eeventually all four rock 
with silent laughter which is 
suddenly switched off with the 
music. 

Alone on stage. Afra Wald- 
hfir reads out dictionary definii- 
tions of "love.” The odd tic. 


Martin Hoyle 

scratch and fumble betray a 
mounting excitement wbich 
culminates in her stripping off 
her clothes. At the entry of an 
expressionless young man she 
at first coyly, then resignedly, 
dresses again. The show then 
gets down to business; images, 
variations, arabesques and 
doodles on the meeting of the 
sexes. Miss WaldhOr instructs 
her passive partner in various 
forms of embrace. When mis- 
timed, these result in collisions. 

The links between miscal- 
culated tenderness, hostility and 
the undignified pratfall are em- 
phasised throughout, notably by 
Simonne Moesen when, dressed 
as a bride, she attempts an 
erotic bravado while constantly 
slipping, sprawing and falling 
flat on her face. She somehow 
ends this turn banging 25 feet 
above the stage before sliding 
down the swing’s rope, and 
illustrates the company's extra- 


ordinary physical fitness and 
hair-raising precision of spatial 
judgment. 

This emerges brilliantly from 
the heart of the show. For a 
good 15 minutes the actors run 
round and round the stage, 
sometimes slapping at the 
punchbag that, suspended from 
a long chain mid-stage, seems 
to pursue them with a life of 
its own. The four ring varia- 
tions on comradeship, rivalriy, 
courtship, maturing. One couple 
finds fulfilment, via the trapeze, 
when he dangles upside-down 
by one foot and she looks on 
adoringly. The conclusion finds 
Miss Moesen la-la-la -ing for- 
lornly in front of the Liberty 
curtain. Erick Clauwens and 
Mark Willems are the men in 
the immensely likeable group. 
Jan Lauwers directs; and Gee it 
Van Boxelaere is credited with 
the physical training. 


After the final curtain, 
all the world's a stage. 



Now 

Sl«^-«^ ro!WM? “ d50r “ obswvations on artistic and cultural events. And the Arts 

pink the IPHm. Guide ldh yo»«ta t 5 laking place -hen-m najor elites in 

It makes a grand nttaje the FT* is scores of different countries. 

insightful, toe ■ Yes, all the world is a stage to the FT .Don't miss a 

company over * on affaire of ‘ performance, Monday through Saturday! 

not iurt for te flygygyg SffS SIf not well- ■ For a personal mbsmptioi, call 


And not W«»£?KfrS5lin« if not ** 

hish £f r a<i!dey*^ are reviews ' 

rounded. Each HNANCIAL TIMES 

Because we live in financial times 


direct from 9 am to 6 pm New York lime; 212-752-4 SOC. 


gfTPubliM***- 




Continued from Page 16 

Opera and Ballet 

ITALY 

Rome: Teatro deiTOpera: La Boheme, 
conducted by Daniel Oren and di- 
rected by Pierluigi Samaritani, who 
also designed the scenery and cos- 
tumes. The east includes Nelly Miri- 
rioiu. Francesco Araiza and Ales- 
sandro Corbefii. (46 17 55). 

Turin: Teatro Regio: Turandot, Eva 
Marion sings the title rote. The 
scenery is designed by Josef Svobo- 
da (548 000). 

Genoa: Teatro Margherita: Tannhaus- 
er conducted by Milan Horvat in- 
dudes Richard Vesalie (alternating 
with Spas Wenkoff. Siegfried Lo- 
renz, Karl Ridderbusch, Jeannine 
Alttneyer and Marita Napier. 

(589 329). 

Naples: Teatro San Carlo: The Barber 
of Seville, conducted by Bruno Bar- 
toletti and with Margarita Zimmer* 
mam (41B266). 

PARS 

Moxart Festival, Le Nazze di FEgaro. 
Orchestra de Ruis conducted by Da- 
niel Barenboim, Paris Orchestra 
choir conducted by Arthur Oldham, 
in Jean-Pierre Ponnelte's produc- 
tion, is co-produced with the Wash- 
ington Opera and the ThriUre des 
Champ; Elysees at the Theatre des 
Champs Elysees. 7J0 pm 
(4723 4T77). 

NETHERLANDS 

A m st e rdam, Stadsschouwfaurg. Fidelia 
performed by the Netherlands Op- 
era and directed by Harry Kupfer. 
with the Netherlands Philharmonic 
under Edo de Waart Luana DeVol 
as Leonora, and Gunter Neumann 
as FLoxestan. (Mon, Wed). (24 23 li). 

Arnhem, Schouwburg. Opera Forum 
with Tchaikovsky's Eugen Onegin 


directed by Jan Bouws and conduct- 
ed by AJun Francis, with Thea van 
der Putten, Hein Meens and Henk 
Kreukniet (Tue, Thur). (42 27 41). 

Amsterdam, Stadsschouwbuig- Duets 
for ballet and music danced by Alex- 
andra Radius and Han Ebbelaar, 
with Christiaan Bor, violin, and 
Frederic Meinders, piano (Tue). 
(24 23 11). 

SPAIN 

Madrid: Die Walkure with Montserrat 
Caballe and Siegfried Jerusalem, 
Kurt Moll, Hans Sotin, Johanna 
Meier. Teatro de la Zarcuela. Jovel- 
lanos 4. (429 B2 18). 

Barcelona, l Jocasta by Catalan 
composer J. Soler. World premiere 
of opera version with composer's as- 
sistance. Enriqueta Torres, Jerzy 
Artysz and Ernie Sfirra. Gran Tea- 
tre del L iceu. Sant P«iu 1. (318 93 77). 

Valencia, CuIIberg Ballet: Giselle. Tea- 
tro Principal Barcas 15 (351 00 51). 

VIENNA 

Staaisoper: Manon Lesc&ut; Madame 
Butterfly, conducted by Kulka, with 
Watanab?; CavaUena Rustic an a; 
Pagliacci; Gdtterdatnmerung with 
Jones. Balsen. Ludwig (53 24/28 55). 

VoUtsopen Die Zauberflote, conducted 
by BauerTheussl: Die Csar- 
dasfvlrstin conducted by Bibl; Das 

Land des Laehelns: The Barber of 
Seville. (5324/26 57). 

NEW YORK 

New York Gty Ballet (New York 
State). Lincoln Center (870 5570). 

American Ballet Theatre (Opera 
House): Mikhail Baryshnikov brings 
his company to its two-month spring 
season with four new works choreo- 
graphed by Kenneth MacMillan, 
John Taras, David Gordon and Ka- 
rate Armitage. which join the reper- 
tory that includes The Nutcracker, 
Don Quixote, Giselle and La Baya- 
dere. Ends July 5.(3628000). 


Saleroom/ Antony Thomcroft 

Record in haystack 


Christie's could not quite 
match Sotheby's great success 
with its Impressionist and mod- 
ern picture sale on Tuesday 
night but its auction on Wed- 
nesday did reasonably well, 
totalling $16,644,100 

(£10.601,337) with 21 per cent 
unsold. 

One of Monet's famous com- 
positions of haystacks. 
“Meules". made the top price 
of £1,611,463 to an American 
private buyer but the oppor- 
tunity that the decline in the 

value of the dollar offers to for- 
eign collectors was apparent in 
the Japanese bidder who 
secured “ Baigneuse " by 
Renoir for £910,828, above fore- 
cast. and a Monet. “ Petites iles 
de Port-ViUex," for £525,477. 

There was even a successful 
English buyer who paid 
£630,573 for a Henry Moore 
“seated woman” cast in 1956- 
57 in an edition of six. It was 
sold by the Trustees of the 
Hirshom Museum and Sculpture 
Garden to benefit its acquisi- 
tion programme, a positive 
approach missing from most 
British museums and galleries. 
A white marble “Grand eardi- 
nale in Marmo” by Giacomo 
Manru sold for £140,127, a re- 
cord for the artist. 

Sotheby’s continued its 
achievements in its follow up 
sales and all told brought in 
over £40m from this market, 
$lm above its high estimate. 
Among the drawings and water- 


colours “monsieur Prince," a 
portrait of the entertainer by 
Toulouse Lautrec, sold for 
£186,859, and a portrait of the 
Hon Sir Fleetwood Pellow by 
Ingres, made £183,333. There 
was an auction record for a 
Daumier drawing of £162,179 
for “la defense ur a la bar re," 
a typical courtroom scene. 

A marble statue of a jester 
attributed to Sarah Bernhardt, 
and certainly signed by her, 
sold for £31,600 at Christie’s 
yesterday, just within its lower 
forecast. Bernhardt, famous 
for playing Hamlet and for 
performing with just one leg, 
had a reputation as a sculptress, 
and in 1879 had a show at 33 
Piccadilly in order to raise 
money to buy “ two little lions.*’ 
In the event she made only 
enough to afford a leopard and 
this object, believed to be 
Yorick from Hamlet, failed to 
find a buyer. It subsequently 
went to the US. 

Top prices in the morning 
session in a sale of the am and 
crafts of the 19th Centura was 
the £23,760 paid by Hewat 
Jaboor for an early Victorian 
gothic revival refectory table, 
the central part of the High 
Table of Pembroke College. 
Oxford. The top estimate had 
been £8,000. The same buyer 
paid £19,440 for a pair of 
ormolu mounted kingwood 
ebony snafcewood and 
marquetry tables which were in 
Windsor Castle in 1866. 





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By David Fishlock Science Editor 


AFTZ?. A psriid ;r. which it 
&■-••:■ med ili’.v to rut rs economic 
jp.io effect. France's 
new Gt-vrrtaifr.t 0: the right 
yCi'.vr-Ja..- :r.,-td surprisingly 
far zr.i fast in ci-ms greater 
freedom to the country's 
financial syifem. In Coir.g ?o Mr 
Ed Guard ’ 2a Had ur. Finance 
:.Ii:!i:tvr, in renin? a chance 
he created for himself v.ltfc his 
timely nave to lower the puri’y 
of French franc within the 
Hurt. pear. Monetary System. 

Th-i- subsequent popularity o£ 
■the franc has enabled him to 
abolish France's equivalent of 
the overseas i =v ?st men t_do liar 
premium end to give French 
/.nance directors freer inter- 
na:. or.a! rem without fear of 
• he immediate exchange rate 
consequences. It has provided 
a climate sf falling interest 
rates in which to move t awards 
a market-based interest rate 
system ar/i further reduction of 
the state's role in limiting and 
allocating the volume of hank 
credit. 

The decisions do not come as 
5. sudden s:ix!\ They build 
up:n inf. nitons already stated 
cr.d. indeed. on i:>- inclinations 
of t!ft previous, socialist govern- 
ment. Neither The interest rate 


r. 

.■Sir.ie 

r*i?r 

that 

of iorcign c-x- 

C: 

- ■? rj 
■ W,I A - 

ere 

toft 

fre*:* by these 

cl 

'.onges — 3 

77 jv,-, 

Chilian, for in- 

Si 

.3r.r0. 

-A-:!! 


r.vt hi- able 10 

07-e.t = 


ij; a*/-. 

cunt wherever 

h 






Nr V-:; 


less. 

what we are 

V.- 

ot'J-.ir 

5 unfold 

her? is a rt-vo- 

ii. 

lllOTI. 

It is the 

equivatont nf 

r: 

:e Bril 

iiril 

move 

towards credit 

r 

•.■■ttttti-c! 1:.: 

: the early !970s and 


too rritish abolition of <-x- 
•:. 1cr.R0 L'Giirrris in I97£«, all 
roll : i mlo one. And this double- 
i’fccniisaiicn is taking place in 
2 country tii.it has assumed 
that Paris's control of the purse 
Ki.-ir.gs Is a national characteris- 
tic. not an aherration imposed 
by ideclcgy or difficult times. 

Zjiz z-epz 

These changes will pull 
France firmly into the main- 
stream of world Seance. Among 
the group of five big industrial 
countries, only Japan will be 
left v eu 3 dir'.glfe internal 
jlr.ar.itti system. They are a big 
step t- wards the European 
Cy.'.vour.ity's original preaiimp- 
I c' 3 free internal market 
;/./ capital ana credit allocation. 
T y -,:i test i.:e oft-stated 
r.:l. ;;ticr. *J:o? Lhe =.31 S :unc- 
ti:r.3 fr.tooth-y only because 
F.-; and Italy dampen dis- 


GZ2 

ruptive forces with their ex- 
change controls. 

Incomplete though they are. 
these bold new steps prompt 
doubts whether the French 
fully realise what they a/e un- 
leashing upon themselves. The 
private sector will feel dis- 
orientated as it moves into a 
financial world in which clear- 
ance is not necessary, guide- 
lines no longer apply and 
government-subsidised cheap 
credit less easily nxafele. The 
imzls fo .ncfionnire-s may find 
themselves reaching habitually 
for Colbertist levels of power 
— and discovering they are no 
longer there. For finance was- 
surely the means by which they 
brought the private sector to 
heel in pre-nationalisation 
France. 

The recent history of finan- 
cial liberalisation suggests that 
it usually produces its own 
baptism of fire. Competition 
2nd credit control led to the 
secondary banking crisis in the 
UK. Interest rate deregulation 
punctured a tot of comfortable 
assumptions in the US credit 
industry. The removal of ex- 
change conrrols in the l : K Jed 
inexorably to the Big Bang in 
the City of London. 

Strange experiment 

This lightning always strikes 
in unpredictable fashion. But 
one suspects that the French 
backing industry’ will have to 
learn to operate in less labour- 
intensive fashion if it is to 
adjust to the squeeze between 
competitively determined 

rates and toss subsidised lend- 
ing rates. Equally, the Govern- 
ment will find itself having 10 
provide, or deny, overt subsidy 
to hard-pressed borrowers — say 
in agriculture — which the 
depositor has invisibly sub- 
sidised up till now. The cost 
and extenr of government inter- 
vention in industry will become 
much more visible. 

These warnings are not 
criticisms. The French Govern- 
ment has a very thin majority 
and is ruling in a strange con- 
stitutional experiment, yet it is 
managing to be far truer to its 
stated principles than the 
covernraent of President 
C-iscard _d'Estaing which ore- 
' ceded President Mitterrand's."' 

Provided the Government can 
keep inflation under control, it 
will give great long-term benefit 
to French indusrv in allowing 
its managers to operate as free 
agents, uapampered and uncon- 
sirained. 


±£yl 


PEO-SPECTS for peace in 
Afghanistan look better than 
at ar.y time since the Soviet 
invasion in 1*?79. That does not 
alter the fact that they are 
exceedingly slim. Moreover, 
the price the West and the 
Afghans themselves would 
have to pay may be heavy. 

Several sigr.als from Moscow 
have suggested that the Soviet 
Ur.lar. would like to end no 
stiver, ".ire that has cost the 
Ulm -: iar.s dsor in blood and in 
credibility in the Third World. 
The Soviet press has urged the 
pre-Mojcc’v regime in Kabul to 
broaden its base by taking in 
representatives c ? traditional 
i.’sbil and Islamic forces. That 
rr.;:y have inspired yesterday's 
announcement in Kabul that 
t/.e svjima would seek to 
strengthen itself with support 
from "national patriotic 
forces.'* 

Or. the other hand, there has 
luiie sign of j. let-up in 
the soviet military effort. The 
toi.-t on? might suspect is that 
ianoriint forces in Moscow, 
erd especially the military, 
object to anything ihat might 
look like the failure of their 
invasion. 

Superpowers involved 

The suggestion that some- 
thir.g lii:; 3 ccaliiion should be 
se: up in Kabul to molii?3- the 
mujaludeen resistance against 
the Communis: Governmeat has 
been cited as a signal that 
Moscow is willing to seek The 
"finlar.disation" of Afghanistan. 
That would mean the establish- 
ment of a regime friendly to 
Moscow, but independent of it. 
and friendly, also, to the West. 

Equally, the suggestion for a 
broader regime in Kabul could 
mean that Moscow is looking 
for stooges to lend a mantle of 
respectability to what, in fact, 
would he Soviet suzerainty over 
Afghanistan. The pcst-war 
ccjiiiicns which Stalin tolerated 
ia eastern Europe as long as it 
su:L2d him show what is tneam. 

Such are the uncertainties 
overhanging me current talks 
in Geneva where Mr Diego 
Cordcvc;. an under-secretary- 
general of the United Nations, 

trying to arrange 2 sctllc- 
rr.ent between the Kabul regime 
Fakisran. The latter comes 
;iii? it because it has received 
refugee? from the Afghan 
war. because it has suffered air 
and other raids in the border 
i/VT, l.-jt also as the ?!l.v of the 
Indircfilv, therefore, both 



was the acc:- 
' ji dent for which no on- wn.- 
I '■■fc^pr-.-par ,’d. It ims expo.-vd 
I w:-.ir-n?i->s in the interna? tonal 
1 organij.ation anti ir-inagcir.-.-iit 
I cif an industry v-hlrh is r.?r .?o 
! :ru-h sccivlivc. as si/ c rices 
1 orivr. say. as aggresrii,-;/ 
I nationalistic. 

1 Chcrnebyl showed r.: 

1 for national bouniariti. F:.:lou; 
! from t.bc overheated react or 
! ewrjon'iy contaminates at less; 
, a score of otiv.-r voun tries in 
Europe, mo-t severely t :•'•-*=■> ef 

the So' tot Unicn'.? cwr. Ctmv- 
| con partner? in a m. .!:a-r power 
pot making and d:s:nbui:ng 
electricity. 

It raised the toiei of back- 
ground radial! ’-n even of 
Britain, mere than ::’. ; iei 

from the reactnr. ^ufTicient /:r 
Mr John Eunst u*. The Covcrri- 
mer.t’s chii-f adviser or. rai:o- 
1 logical protection, ‘.0 gr-i'di/.* a 
I few tens f--’ e::*rs c! .’a tits ivn" 
cancer over the next f ‘ : years. 

‘ in time trace? of the accidtnt 
I wall spread worldwide. 

| Safety in engineering ce-igr. 
is deeply rooted :n too.’: 
nations with 0 highly ievoi : ped 
engineering tradition. S.'oros 
of ways of combining t‘.:e lii/ee 
essential er.gincerir.* ingredi- 
ents of any nuclear reactor — a 
fissile fuel, a coolant to carry 
away the heat of fission, ar.d 
moderator — wore proposed in 
the early decades of nuclear 
energy. 

The hsr.dful of survivors aro 
those which warranted unremit- 
ting efforts by a country with 
deep engineering tradition#, 
until they arrived at bold a 
secure and a reproducible re- 
actor for an acceptable pruj. 
Canada has done it with :ts 
C andu reactor but the produrt 
is unacceptable to safety and 
licensing authorities in the US 
and Enlain. Britain ha.? dene 
it for iis advanced gas-cooled 
reactor (AGR 1. at a cosr vine:: 
is unacceptable anywhere else. 

Wet Germany, rrsr.ee and 
now Britain have all taken its 
US pressurised water reactor 
(PWR> and applied their own 
safety traditions. The result 
is significantly different ver- 
sions of the same basic reacior 
concept: zs different as a Rolls- 
Royce version of the four-stroke 
engine is from that in a 
popular make of car. 

The Russian version of the 
PWR has been bought by only 
one western nation. Finland, 
■which managed the safely side 
"of the design and says it intro- 
duced major changes, discard- 
ing all Russian electronics and 
adding a containment the 
Russian? said was unnecessary. 

The RBMK reactor, the i: pr 
used at Chernobyl, is 3 reactor 
invented — as were these in the 
US. Britain and France — a.? a 
plutonium-producing system for 
weapons. The Russians, who 
for 20 years have staunchly 
supported the principles of dis- 
couraging proliferation of 
nuclear weapons, recognised 
how easy it would he to misuse 
the RBMK compared, say. with 
the PWR. It has refused to 


superpowers are involved. 

Agreement has been ten- 
tatively reached on several 
important issues. But there is 
none on the timing and speed 
of a Russian withdrawal from 
Afghanistan. The wrong agree- 
ment on this matter would 
merely deliver Afghanistan to 
the Russians. 

The same would happen if 
the West were unwilling or 
unable to ensure that a settle- 
ment turning Afghanistan into 
a buffer slate was actually 
enforced. The US has signalled 
its willingness to guarantee a 
suitable agreement, but one 
may legitimately ask whether 
that is enough. The Soviet 
Union is closer to Afghanistan 
and has more immediate 
interests at stake than the US. 
If an agreement were to come 
unstuck, the Russians would be 
much better placed to reassert 
themselves. 

Even if one postulates that 
Moscow is fully sincere in 
wishing for a settlement accept- 
able to" all. there is the lesson 
of history. Afghanistan is riven 
by tribal rivalries which are 
always liable to get out of hand 
and to drag in outsiders. What- 
ever emerges from Geneva is 

liable 10 be nullified sooner or 
later by the internal instability 
of the country. 

On any hard headed analysis, 
therefore, the West has no 
overwhelming reason for releas- 
ing the Soviet forces from 
attrition in Afghanistan. Nor is 
there a western interest to 
release Moscow from the odium 
its invasion has attracted in the 
Third World and. in particular, 
in China. 

Veiled surrender 

On humanitarian grounds the 
argument runs differently. 

There is a chance, however 
slight, to stop the killing with- 
out an open or veiled surrender 
to Moscow of a people which 
has demonstrated its wish for 
independence. Clearly there is 
3 strong moral case for seizing 
upon such a chance in the hope 
that all may end well. 

Unfortunately there is much 
evidence to suppose that the 
chance of a lasting settlement 
is a chimera. Without very f 
firm guarantees of Moscow's 1 
goodwill, the West runj the j 
danger of making concessions f 
without lasUng adequate j 
returns for itself Or for the 1 
Afghans. 1 


foil or liccss: the R3T.IK 
i'.-iton even to oth?r Comecon 
co uni: ics. 

V.V 1:3:1 now be sure we know 
where the accident at Chernobyl 
began even ii we still do not 
i r.c-v precisely the operating 
circurr.sr antes which brought it 
ci. Jirt. Th: gap in understand- 
ing may lie in the fact that the 
Rustic r.s l.avj rot been forth* 
cnr/.ir.s about d; tailed design 
and "puraring dau for the 

Ii::..c2!ly, it also emerged, 
tl::s '■■■'•-■ ek that ;.he International 
Aicrv.to Eaeryv Agency in 
Vienna, whose inspevtors were 
lo Russian reactors for 
•.lie nr s- time last summer, 
turned down the chance of visit- 
ing Chernobyl — in favour of 
•."siting installations they 
believed vere mere relevant to 
in -i national interests. 

Ur Mikhail Gorbachev, the 
Soviet leader. confirmed 
western suspicions on Wednes- 
day That T/.c accident hegan in 
the I\3MK's core. 2nd was not 
ini’istid by any external erect 
such as a turbine failure or an 
• xj.le/'.on in ventilating plant. 
Uo attributed only to a 
sudd ti ?urg»* of power in a 
10c '.tor reduced to only 7 per 
cent, o: it- output- — in c-ffect. 
iiiL-r down — for maintenance 
werlx Russian practice appears 
Id ':-e t > maintain this low level 
tif heat -jjtc:K curing "shu;- 
u : ..T.5 ■’ to facilitate rapid 
fviurn to fuii power. 

T.ris sudden of nuclear 

attivey — in eff^er. aj least part 
of the reae'er ■■ w-.-at critical " 
again — ij most convincingly 
c-:.ttl',ia-:i by 3 rapture of a 
pr--s-i.ro tube perhaps at a 
••.eld. A ilrcnniuni-to-steel weld 
a: the :op o: the pressure tube 
had rpparently giver, the 
RiiftSiar.s seme worries. 

5<i a minor mishap while 
operas ers vere loading or 
i.Tiload’.nc fuel may have 
.starred the rupture, releasing 
-superheated steam at the face 
0? t!n- graphite fuel channel 
which, because of the surge in 
nuclear activity, was becoming 
extremely hot. At about 1,000 
degrees C graphite will *' crack" 
steam into hydrogen and 
carbon monoxide, a potentially 
explosive mix. 

More precise details of these 
events may be hard to ascertain. 
The two people who probahly 
knew most, working in the 
reactor hall hich above the 
core, were the first to die. 

British nuclear engineers and' 
sctoxihis have come closer 
than »ii oh to ins RBMK be- 
cause in the mid-1970s they 
pores ived ?. likeness between 
this pressure-tube system, 
already then operating at 1,000 
Mw output at the Leningrad 
station, and the 800 Mur steam- 
ge aerating heavy water reactor 
they were trying to design. 

The Central Electricity Gen- 
erating Board has reassessed the 
evidence gleaned by a visit 
organised by the British 
Nuclear Forum and what has 
been learned, to try to pinpoint 
the cause of the accident and 


any relevance it may have for 
British reactors. 

In a report dated March 1976, 
thn UK experts highlighted 
seven big deficiencies in RBMK 

design, judged against UK 
safety and licensing criteria. 
Their worries included lack of 
emergency core cooling should 
a pressure tube burst; and lack 
of a lull containment, such as 
was planned for the British re- 
actor. They were worried by a 
feature of the Russian design 
known as *' positive void co- 
efficient.” which means that if 
the coolant is lost the reactor's 
nuclear activity can increase. 

In contrast, the AGR or PWR 


is not one likely to be resolved 
quickly, since some reactors 
still running are nearly 30 
years old, antedating ideas of 
any containment. But the 
uncontained reactors are much 
smaller and of lower power 
rating. 

The Soviet Union has given 
no indication of rethinking 
asoects of reactor design. It 
has even talked of restarting 
the undamaged reactors at 
Chernobyl, believed now to be 
tbe only Russian reactors shut 
down after the accident. - 

Where the Soviet Union is 
being mucb more forthcoming 


on the. accident . and Its conise-. 
quenbes for its_ -Koropeas 
neighbours. This ■ would .'be. 
realistic ODly if the- Soviet 
Union was willing to deliver 
-the u corpse in the shape of. 
a. lot more technical detail.' - 
The nudear’ industry wfll 
also be anxious to' learn an it 
can 'in this post mortem about 
methods of cleaning tip a major 
radioactive mess. Previous 
nuclear meltdowns haye been 
confined almost : entirely-' to - 
nuclear, sites. ■ even .at. -Three 
Mile Island. It is almost .30, 
years now since - Britain's 
burned-out graphite pile, at 
Wlndscale was entombed in 



\ 

FUEL 
RODS IN 
CORE 


will simply shut themselves 
down. 

Again, they were worried 
about the high operating tem- 
perature of the graphite core, 
which at 700 degrees C is red 
hot. This is much higher than 
the peak for the AGR. and in- 
creases as the reactor ages, to 
exceed 1.000 degrees C. " 

They also concluded that the 
pressure tubes fitted too tightly 
into the vertical channels 
through the graphite core, leav- 
ing too little room for escaping 
steam should a pressure-tube 
burst. 

Given that the design is so 
different from western reactors, 
the main aspect with which 
nuclear power authorities out- 
side the Soviet Union are 
wrestling at this stage is 
whether western reactors are 
adequately "contained” to 
meet every contingency. This 


is about its own weaknesses in 
informing the international 
nuclear community of the 
disaster. Previously it has 
been indifferent to such events, 
failing last December to attend 
an international meeting in 
Rome on emergency planning 
for nuclear accidents. 

% 1 • . • -- ■- 

Now Mr Gorbachev is calling 
for an international umbrella 
under which nuclear power can 
be developed safely through- 
out the world. His calls are 
for prompt warnings— even his 
own allies in Eastern Europe 
were not given warnings of 
what was happening at Cher- 
nobyl — and a mechanism for 
information to . flow, freely. 
"Let's all get together and 
learn from the Russian experi- 
ence," seems to be his message. 

. He has also called for a 
special conference of nuclear 
experts to hold a post mortem 


htartyn Bernes 


concrete; the Russians say they 
are using . a similar technique 
to seal up the Chernobyl. 4 
reactor. 

Clean-up of radioactive plant 
and facilities is regularly under- 
taken by the nuclear industry. 
It normally uses strong deter- 
gents- or weak, - acids -to. strip 
away the deposited radioactive 
substances. Even highly radio-, 
active plant such as a former 
reprocessing plant for spent 
nuclear, fuel at Dounreay in 
Scotland has been reclaimed 
in this way. then rebuilt into 
a modern facility. " 

The cleaning fluids must then 
be treated as radioactive 
efferent. This ' 'iS^TiofmaHy ~ no 
problem on a nuclear site. But 
never, so far ' as is known, has 
the nuclear industry faced .a 
problem of. cleaning perhaps 
thousands of acres of agricul- 
tural land, and thousands of 


private homes. . 

1 jjfr Gorbachev’s proposals 
focus on the role of the Inter- 
' national' Atomic. Energy Agency 
-in Vienna, an-' arm of the 
. United " Nations ' which has 
. been' Btxi.ving~.to ."counter the 
natio nalism of the nuclear in- 
dustry against the opposition 
• of , -both friends . and foes Qf 
nuclear energy. 

. The Russian leader makes it 
•„ plain that it is to the agency 
to-ofl WhiiJi the USSR along 
'with' the US. and UK is a 
founder-member— that he. looks 
for leadership in the new 
infemationalism. He spoke of 
enhancing the rule of "that 
unique organisation.*' J , 

‘ For.' the agency this is good 
news indeed. . It has been 
struggling for years on a zero- 
growth budget currently about 
$130ttij to cover a -spectrum ot 
unclear activities on behalf of 
over 100 member^ fates. It is 
riven bertween the rival camps 
qf developed -nations, -which 
see its dominant role' as safe- 
guarding -the world against the 
"pioftf OArtiOil r cf nuclear wea- 
pons,, and .the . developing coun- 
tries who want its efforts re- 
directed into helping them gain 
; the_jbenefits of .nTxcleac energy.. 

- The- importahcfe- attached " by 
-member-states to rated jreactor 
.. safety, may foe. gauged from the 
fan that only TO per cent of a 
meagre- btidget is-c spent on 
safety, ' mostly -collating safety- 
related incidents (in. which the 
Russians have always Collabor- 
ated).' . . to-'."- 

’- Thus a direct consequence of 
Chernobyl seems likely to be a 
stronger, obligation, on ; all 
member-states to - advise : * the 
agency promptly of all nuclear 
activities. This implies a greatly 
expanded role for all safety- 
related work. ; Tn a cautious 
' comment- yesterday^ Ttf . Hans 
Blix, director-generaf of the 
IAEA, said he foresaw a great 
deal of activity in this- field, 
particularly ' on ' emergency 
systems and early warnings. 

" The IAEA Is settjpg- great 
store by the heed to' keep chan- 
nels of -communication ' ft f 

Moscow wide open, so that the 
world will take full advantage 
of Russia's new-found Vetidiness 
to. cooperate. 

•. ‘An emergency session of its' 
board of . governors has been 
called for next Wedhsday, when 
.representatives of 35 nations 
-wiH be briefed by" Dr-Blix, who 
led its mission to Moscow. . This 
has been /Called by .the. West 
German Government, whose 
geographical closeness to" the 
USSR, coupled with a strong 
domestic opposition to nuclear 
energy, is posing special prob- 
lems In the aftermath of the 
accident. 

From the. other sid? of the 
globe,' the Australians want to 
activate. draft plans-for.an Inter- 
national convention on trap's- 
border releases of radioactivity. • 
These were constructed two 
years ago but have Lain . un- 
heeded. . 


ufoe Bank’s 
fear2ess five 


Robin Loigh-Pemberton, Gov- 
ernor of the Bank of England, 
apparently had little trouble 
persuading five wise men to 
become members of his new 
Board oi Supervision. There 
were more names on the list, 
but after Nigel Lawson had 
shown his preferences, the first 
five u> be approached, accepted. 

To qualify, they had to be 
fearless men ar.d true. with, 
obviously, a knowledge of 
banking, c earless, because the 
whole point of creating the 
board is to have outsiders who 
wilt not be afraid to tell the 
Bank where it is going wrong 
— particularly in the wake of 
Johnson Maithey 3ankcrs, 

The five were not all trace- 
able yesterday, and some who 
were, preferred rot to talk on 
the record until they have ^ot 
a few monthly meetings under 
their belts. But " interesting 
and worthwhile” were epithets 
that cropped up most. 

Alan Hardcastto, a partner of 
Peat Mar-vick Mitchell, was 
pleased to have been asked 
because he thought hard about 
banking supervision as pre- 
sident of the Council of the 
Institute of Chartered Accoun- 
tants when it was sounded out 
by the Treasury on the Banking 
V/hite Paper. 

"The board appeals to me 
because it's a good mechanism 
for keeping the system of super- 
vision under review by a group 
of knowledgeable individuals." 

Peryk Van dor Weyer. deputy 
chairman of British Telecom, 
has obvious credentials for the 
Job: when he ran Barclays Bank 
in the 1970s ho helped sort out 
the secondary banking criirs. 
He was then on the Governor's 
committee that looked into 
banking supervision after the 
Johnson Matthew rescue, and 
since then has been appointed 
to the Court of the Bank of 
England. 

Peter Graham, senior deputy 
chairman of Standard Char- 
tered. may not keep that post 
long if his bank gets taken over 
by Lloyds, but he will remain 
on the new board whatever 
happens. He has recently spent 
much of his time trying to sort 
out the great tin crisis to which 
Standard was exposed. 


I 


f/Sssa 0 


Nigel Robson, chairman of 
the Royal Trust of Canada, 
demonstrated his independent- 
minded ness when he resigned 
as tiie sole non-executive direc- 
tor of British Sugar over their 
decision to pay an extraordinary 
EnOm dividend to S & W Boris- 
ford. the company's parent. 

The lawyer on the board is 
Andrew Caldecott, chairman of 
?.l Sz G. who read law at Oxford 
and practic'd as a solicitor, be- 
coming a partner of Bruces and 
At toe. 


Work and pEay 

A revel attempt to Sght 
unemployment. inspired by 
Irishman. Bob Geldofs Band- 
Aid and Live-Aid efforts for 
famine relief. i.,kes place in 
Dublin tomorrow when people 
will be invited to pledge jobs 
and money for job creation 
during a 14-hour televised rock 
concert. 

Adopting the methods of 
famine appeal? for helping the 
unemployed has not been wit fl- 
out controversy, however, and 
the event will be picketed by 
k-ft-v.’ing-.rs who say it is for 
"big bands and big business." 

The project, titled Self-Aid. 
has been organised by two pro- 
ducers at RTE. the state broad- 
casting corporation, and h?s 
the backing of state agencies, 
including the industrial 
development authority and 
export board. 

It has also attracted an 
impressive array of Irish 
group*. Names such as Van 
Morrison. Elvis Costello. Chris 

de Burgh and U2. s? well as 
Geldcf ar.d his Eoomlown Rats, 
will be performing free to an 
e.’:a?cted 30.000 live audience. 

The idea got under way 
when Celdof remarked recently 
that Ireland could overcome 
many of its problems if a way 
could be found ft tap the 
energy its people put into last 
summer's Live-Aid appeal 
when mere money was raised 
per capita than in any other 



“Next week, the minister is 
opening a new supermarket 
and closing two schools, a 
hospital and a shipyard” 


country. 

Unemployment was the 
obvious problem to tackle. More 
than 17 per rent of the work- 
force is jobless— one of the 
highest rates in Europe— and 
people under 25 arc especially 
hard-hit. 


Varity or vanity? 

Massey - Ferguson's ebullient 
chairman, Victor Rice, gives 
credit ft his communications 
director for the choice of the 
name Vaniy Corporation to 
brush up the new corporate 
image for the venerable 
Canadian farm and industrial 
machinery maker. 

But it hasn’t taken outsiders 
long to notice that the first 
three letters of Varity are also 
Victor Albert Rice's? initials. 

Rice shrugs of the coinci- 
dence. Variety was chosen, he 
says, because it suggests ‘‘Our 
vision, variety, vigour, and 
value, our confidence in the 


future, and our intention to 
become a more diversified 
worldwide company.” 

The new name, one of 1,500 
generated by a computer, is 
also a derivative of the Verity 
Plough which MF began mak- 
ing almost a century ago. 

Massey has been part of the 
company's name since 1847 
when Daniel Massey — whose 
family came to North 
America from Cheshire — 
bought a small foundry in 
Southern Ontario to make farm 
implements and household pro- 
ducts. 

MF's deep roots in Canada 
help explain why it has main- 
tained its head office in 
Toronto, even though Canada 
now accounts for less than 5 
per cent of sales. 

In spite of the parent com- 
pany's name change (to take 
effect after the annual meeting 
next month) Massey-Ferguson 
will continue to be the trade- 
mark of the familiar red 
tractors which account for one 
in every six bought worldwide. 


Amateur status 

Bill Jordan, the youthful-looking 
new president of the Amal- 
gamated Engineering Union, is 
a renowned opponent of mili- 
tants in unions — both the 
industrial sort .and members of 
the Tendency. 

But yesterday, in a speec h 
in Scarborough ft the EETjPU 
electricians' union, he cast 
British management in the same 
light 

Scathingly attacking the cult 
of the generalist amateur, he 
insisted that management was 
a profession, not a flair. 
“ Who needs militants," he said 
of British industry, 44 when 
the place is run by gifted 
ainateurs7" 


Tunnel vision 

A colleague travelling through 
Embankment station on the 

underground yesterday found 
the platform in gloom, lit only 
by a few hanging bare light- 
bulbs. " Building a brighter 
station ” boasted London Trans- 
port posters on the pillars. 


Observer 



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19 


Financial Times Friday Slay 16 1986 


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*3 


POLITICS TODAY 


A machine for 
the 1990s 


By Malcolm Rutherford 


$ 


ONE OF the signs of change 
in the British political climate 
is the revival of interest in the 
■ reform • of the machinery of 
ggrermtfest. It is as if a chap- 
ter is coming to an end; all 
sorts of people want to get into 
. the act of shaping the sncces- 
: sUra to the years of Mrs 

Thatcher. 

This Is not a prediction that 
the Conservatives will lose the 
next general election. It is far 
too early to make forecasts of 
-that kind and, if pushed, one 
would, still say that the Govern- 
ment £s in a position to recover. 
Yet Mr John Biffen, the Leader 
of She House of Commons, was 
right when he said in bis tele- 
vlstoffc interview on Sunday mat 
nobody seriously Imagines that 
the present Prime Minister will 
be leading the Tory Party at the 
.next general election but one. 
The' transition . period is 
, therefore be ginning . 

Mrs Thatcher has changed 
the political ground in many 
ways. There has been an erosion 
of trade union power, an end 
to coporatiam and a steady 
whittling away of the belief 
that problems can be resolved 
simply by throwing mosey at 
them. No successor government 
is likely to seek to turn the 
dock back to the mid-1970s. 

There is one problem, 
however, that the Prime 
Minister has never tackled. 
That is the way government 
works. Is it as efficient as it 
Should be? Why has it not 
taken op the revolution in 
business methods and organisa- 
tion that has been embraced by 
much of the private sector? 
Would it not benefit from more 
openness and the admission of 
more outsiders? 

It is on this area that 
thoughts have begun to concen- 
trate. The lead is being taken 
by Sir John Hoskyns, formerly 
of Mrs Thatcher’s Policy Unit 
and now head of the Institute 
of Directors. But It would be 
-a mistake to assume that it is a 
one-man show. Sir John has 
been careful to gather around 
him people £toxn research 


institutes such as the Royal 
Institute for International 
Affairs, the First Division 
Association, which represents 
top civil servants, as well as 
academics, businessmen and 
scientists and members of all 
political parties. 

A seminar was held last Mon- 
day on a paper called Re-skill- 
ing Government which calls for 
Cabinet ministers to be given 
an enhanced private office, 
rather along the lines of the 
continental cabinet system* that 
would include outside experts 
and political advisers besides 
permanent civil servants. The 
paper was Quickly withdrawn as 
being too modest. 

The serious work will now 
begin with Sir John inviting 
submissions from anyone who 
cares to contribute, preparing 
to hold another seminar before 
tiie parliamentary recess and 
hoping to produce as 
altogether more radical paper 
before the party conferences 
in the autumn. At the very 
least, a major debate is under 
way about the workings of the 
government machine. 

Yet if there is a consensus 
that the task needs to be 
undertaken, there is far from 
an agreed solution. Indeed, 
there may be some inherent 
contradictions. Some people 
want to strengthen the execu- 
tive to make sure that the 
Government's writ runs. Others 
will be resentful of anything 
that lessens the power of 
Parliament 

Still, it is a game that any- 
one can play, so here are a 
few suggestions, by no means 
an of them original. 

• Section 2 of the Official 
Secrets Act of 1911 should he 
abolished outright and without 
any thing being immediately put 
in its place. It is designed to 
withhold information from the 
public. Its use for the pur- 
poses of prosecution almost 
invariably makes the govern- 
ment of the day look ridiculous. 
Attempts to reform it have 
failed because of the difficulty 
of defining more narrowly what 
information can and cannot be 


released. There is, therefore, 
a stalemate. Abolition would 
open the way to a regime 
dependent on discretion and 
common sense, 

• The Central Policy Review 
Staff, or something like It, 
should be reestablished. The 
so-called “ Think Tank ” was 
terminated by Mrs Thatcher 
after her second election 
victory. Its absence deprives 
the UK of a forum for public 
debate about long-term issues, 
some of which may not come to 
a head until long after the 



Affairs Committee on UK-Soviet 


long-term thinking, such as it 
is, behind closed doors. A new 
GPRS should be obliged to raise 
awkward questions about the 
future. Thai would educate the 
Opposition as well as the Gov- 
ernment. 


SETS iSA^SJTt JaEiTTSSf JffE TE 

monopoly of wisdom and none SSJEjS^J* MomSv-s^Defen^ 
should b, .Hawed tooondBct its ^ 

unearthing a good deal of 
useful information. Bur they 
remain immensely deferential. 
They should create a stir by 
demanding information that is 
withheld and refusing to take 
. .... , . no for an answer when witnesses 

• The political parties should decline to appear 
be state-funded. Such a move _ „ 

would not rule out voluntary ® The House of Commons 
contributions, hut it would should adopt more civilised 
lessen the dependence of the working hours. It should also 
Tory Party on business and of J^mit *h® television cameras, 
the Labour Party on the trade £ 15 undemocratic to prevent 
unions. It would also help the Public from seeing their 
Liberal-SDP Alliance. Opposi- ?** rt *2 representatives at their 
bon parties would then have iff**. . My own view, tor what it 
the resources to spend on “JOTS', ™ s **“ publlC 

research as they thought fit. might be impressed. 

0 The Conservatives when in ® Quite the most radical re« 
opposition raised the possibility form that could be introduced 
of a council of economic w °ula be fixed-term parliaments, 
advisers, capable of delivering They would end the speculation 
independent assessments. The w . hea , the n * n general 

idea should be revived. There election is going to be. Govem- 
ls a proliferation of academic “ ents would have to work to a 
and quasi -academic institutes in * ul0wn time-table. 

Britain to the point where they All the suggestions put for- 
tend to cancel each other out ward have been applied with 
Mien? of them should work reasonable success in other 
together, rattier as the main countries. Here, however, are 
German economic institutes one or two other squibs from 
do. It Is time to look again at which the British system might 
the idea of a British Brookings benefit. 

tSSLJS^L^J 0 22 £2 •The time has come to merge 
A b t the diplomatic and the home 
minds jo the country. civil service. Too many members 

• The departmentally-related of the Foreign Office still be- 
Select Committee of the House have like a race apart. A com- 
of Commons introduced by the mon civil service, some of 
Conservatives have not quite whose members served abroad 
taken off. There was evidence or on foreign policy at home 
In the report of the Foreign part of the time, could produce 


a greater identity of interest. 
After ail. they all work for the 
same country. 

• Oxford and Cambridge could 

become exclusively post- 
graduate universities. This 
would reduce some of the re- 
sentments caused by Oxbndge. 
It would also produce a real 
elite rather than an elite that 
is largely social. The two uni- 
versities might then become 
centres of excellence again. 

The reforms are designed to 
bring in more and better talents 
into the governance of Britain. 
An underlying theme is the 
need to promote more inter- 
change between government and 
outsiders. All of that is hap- 
pening. but at a lamentably slow 
pace. That is why the efforts 
of Sir John Hoskyns to create 
a climate of change before the 
general election are so im- 
portant. Tbe next government, 
even if it is led by Mrs Thatcher, 
needs to know more clearly 
than before where it is trying 
to go and how. 

Vet there is a cautionary note. 
No amount of streamlining or 
modernising tbe machinery of 
government will help if people 
do not talk to each other. The 
mishaps of Mrs Thatcher’s ad- 
ministration in the last few 
months have come about not be- 
cause of a lack of scientists or 
outside expem They have 
been tbe result of plain old- 
fashioned muddle coupled with 
personal antipathies. 

Over the Westland affair the 
government machine virtually 
broke down because no-one fore- 
saw that such a relatively small 


matter could blow into such a 
storm. If they had been talk- 
ing more, the warnings would 
have been there. Similarly, the 
opposition to an American 
acquisition or parts of British 
Leyiand should have been seen 
in advance. Above all. the fiasco 
of the Shops Bill arose from a 
failure of communication be- 
tween the Conservative Party, 
the Whips' Office and the 
Government. It did not need a 
whizz-kid to deal with that, only 
a certain amount of political 
nous. 

A case pending is the succes- 
sor to Sir Keith Joseph as Sec- 
retary of State for Education. 
Having fought a previous elec- 
tion on the Slogan "Education 
isn’t working," Mrs Thatcher is 
quite right to want to appoint 
a senior figure already in the 
Cabinet. The two obvious can- 
didates are Mr Kenneth Balter 
at Environment and Mr Peter 
Walker at Energy. 

Mr Baker has all the Quali- 
fications, but is perhaps ruled 
out because the Environment 
Secretary has already been 
changed so often that it is 
better he stay where he is. 

No such reservations apply to 
Mr Walker. He was Minister of 
Agriculture throughout Mrs 
Thatcher's first administration 
and has been Energy Secretary 
ever since. He is a well-known 
figure in the party and tile 
country an d a good administra- 
tor. The Prime Minister could 
appoint him to fulfil Mr Biffen's 
criterion of “running on a 
balanced ticket.” But the bet- 
ting must be that she will not. 


Capital venture 
in Argentina 

By Robert Graham 


NOT EVEN Argentines know 
very much about Viedma. But 
President Raul Alfonsin is 
determined to change all that. 
This small provincial capital, 
some 500 miles south of Buenos 
Aires at the mouth of the Rio 
Negro, has been chosen as 
Argentine’s proposed new 
federal capital. 

In the month since the idea 
was first floated, the general 
reaction has been a mixture of 
disbelief and scepticism. 
Buenos Aires is so firmly rooted 
in the national psyche as the 
capital that a move seems in- 
conceivable. Yet it would he a 
pity if tbe idea was not given 
a fair hearing. 

Buenos Aires has come to 
play a disproportionately large 
rote in national life. Tbe 
historic reasons for this are 
obvious enough. The city is 
well sited at the mouth of the 
River Plate, has a good climate 
and is the hub of a vast rail- 
way network. 

Resources 

Also, as the principal port in 
an export-orientated economy, 
Buenos Aires became the com- 
mercial and financial centres of 
the country. These attractions 
have acted as a magnet* and 
Buenos Aires and its surround- 
ing province now account for 
almost 40 per cent of Argen- 
tina's 30m population and oyer 
60 per cent of its industry. 

In a country this size, 
development is distorted by 
such a high concentration of 
resources, human and 
economic, in a tiny portion of 
the territory. A vicious circle 
grows up whereby civil ser- 
vants, doctors, engineers, or 
teachers do not wish to work 
elsewhere, companies cannot 
locate elsewhere and people 
come from elsewhere to find 
opportunity. Thus the domi- 
nance of the capital snowballs, 
its privileges bolstered by the 
presence of the most politically 
articulate groups being based 
here. 

President Alfonsin wants to 
correct this distortion and 
focus attention on the huge 
underutilised space — and 
resources — in the interior and 
south. Similar considerations 
led to the establishment of 
Brasilia in the late fifties. And 
today in Latin America there 
are other candidates for a new 
capital cities. 


The prime example Is Mexico 
City which has attracted around 
it a Quarter of Mexico's 7Bm 
people and nearly half its 
manufacturing output. High 
population growth, uncontrolled 
urban spread and excessive 
centralism hare converted 
Mexico City into one of the 
world's most polluted and 
unmanageable cities. 

Last year's earthquake 
exposed not merely the city's 
urban problems but also how 
damage to rhe capital's build- 
ings and communications could 
temporarily paralyse the 
country. But despite talk of 
decentralisation, the oppor- 
tunity has been passed over. 
Prejudices and vested interests 
are too ingrained. 

Peru's President Alan Garcia 
has encountered the same 
built-in prejudices in his efforts 
to reduce the dominance of 
Lima, which Is 10 times as big 
as an; other city, contains three 
quarters of all manufacturing, 
and two- thirds of the country's 
doctors. 

In its short existence, Brasilia 
has proved a political and 
psychological success. But it 
can hardly be described as 
either an architectural or 
planning success. Apart from 
the Presidential Palace and the 
cathedral there are no arrhitec- 
turla masterpieces and 
the frequent complaint is that 
there is a lack of any urban 
density, roads are too wide and 
distances between everything 
are too long. 


Enclave 

Modern architects in Brasilia 
have not to date been able to 
produce agreeable small-scale 
neighbourhoods that are en- 
joyable to live in and Brasilia's 
depressing diplomatic enclave 
has only made ambassadors long 
for the life of Rio. 

'While Brasilia was conceived 
at a moment when architects 
and planners were convinced 
that concrete and motorways 
were enough to make a new 
city times are diff treat now 
and President Alfonsin has a 
remarkable chance to commis- 
sion a city that will take note 
of the failures of the wide open 
spaces of new capitals like 
Chandigrxh and Islamabad. 

When he advertises for an 
urban planner, will anyone be 
up to the job? 



Prudent conduct 
in home loans 

• Fromk Mr R. Boden . 

Sir,— Yotlif observation 
(Prudent conduct _ in - home 
loans, May 14) that “banks will 
do their reputation nothing blit 
harm... by offering cheap 
mortgagee td new borrowers, 
and then locking them fdtp 
higher rates and charging puni- 
tive prepayment penalties ” 
may be true, but only if those 
who write about the mortgage 
market devote greater atten- 
tion to such practices and less 
to simple comparisons . of 
today's mortgage rates. 

In the current market It is 
a sad fact that a lender will 
build his book faster and make 
more profits by . alternating 
. periods of very competitive 
pricing with periods of exces- 
sively high mortgage rates, and 
this is especially true tf during 
-• the latter - periods new bor- 
. rowers are ■ offered a conces- 
sionary low rate. Tbe. leader 

- vbo yiwis always to deal at a 
fair margin is these days hardly 
ever the cheapest — and. so 
never experiences very high 

. demand — nor the most expen- 
sive — and so never makes high 
' profits- Such a lender's consola- 
’ tion is the knowledge that his 

- customers are getting a fair 
tieaL and the expectation that 
in the tong tun this-. will he 

■ - recognised and rewarded in 
. the market place. . " 

But to encourage the etim ina- 
thm of dubious practices I 
would recommend anyone con- 
templating a new mortgage to 
check that the lender under- 
takes not to charge existing 
borrowers more than new bor- 
rowers, and that the lender 
does not charge onerous penal- 
ties for .prepayment^ (one- 
month's interest in Hen m 
notice should be quite enough). 

i would make a ftnth» sug- 
gestion to anyone who ms a 
mortgage: if your ten** 
ann ounces a special rate^ f or ( 
new customers phmso hma, 
write to him, and play merry 
hell with him until heagreesto 
deal on the same terms with 
you, who should be his valued 
existing customer, as with 
newcomers. 

B. JT. Boden. 

Kleinwort, Benson, 

: POBox 560 , • 4 , 

20 Fencktercft Street, ECS, 


No rhyme or 
reason 


Chairman, 

tnersWp 

very sensible letter 
shed on May 1° 
je advertising earned 
g spate rs. 

1 MtuJantiy throwing 

playground," that 

ifs so nrach these days, 
enrie summanseiTby 
athe was convinced 
J a waste of money 


Letters to the Editor 


and he would cer tai nly n ot 
invest in companies wasting 
shareholders’ money, particu- 
larly in this way. 

I have to agree on two 
counts. Tbe first is that, one 
would assume, most of the 
investors are professionals who 
would surely know the facts 
without having to read about 
them in newspaper pages. 
Second, with conflicting state- 
ments following conflicting 
statements. ' who would one 
believe, anyway? Better to use 
the money to ensure an im- 
proved and continuous perform- 
ance by the companies in their 
respective market places.' 

Jack X. Klein. 

26 Bags Metes, Wl. 

Partnership 
and profit 

From the Chairman. 

John Lewis Pamership 

sir — Your leading article 
(May 18) bn profit sharing 
referred, to our growth as 
M unexciting,” albeit describing 
the John Lewis Partnership as 
otherwise “generally admir- 
able.” My partners are grateful 
for the praise, if tinged, but 
may I suggest a different 
approach? 

Over. the past 25 years the 
sales of the John Lewis group, 
already at the outset a mature 
business, have increased from 
£40m to £l-3bn per annum, and 
our share of the total retail 
sales of Great Britain has moved 
up from 0.45 per cent to 1-57 
per cent Or were you referring 

to profit? The pamership’s 

profit after tax has moved from 
about £2m to £60m per annum 
over period, or ft- fivefold 
increase perhaps in real terms. 
If tins sort of . growth does not 
excite the Financial Times 1 
have a pretty good idea it would 
excite a lot of other people 
including governments. Per* 
haps the growth has hot grabbed 
attention because it is. so con- 
sistent year by year, but that is 
snrojy no bad thing? 

•v And what Of the topic of the 
hour — ' employment? Total 
employment in the retail trade 
in the United Kingdom is 
failing. Teh numbers engaged 
in the partnership’s business 
in 1960 were 12,000, today they 
are. 32,000. I confess I am.out 
of my depth if that’s to be held 
against us. 

(hi this foundation you went 
on to voice the, to me, rather 
bizarre notion, that the im- 
proved climate” of .co-operative 
arrangements “hampered dee- 
iSion making and expansion." I 
dare not trouble you to search 
for a single illustration of this 


in our case lest yew waste your 
time. On the contrary could it 
just be that in established 
businesses a growth presumably 
as welcome as tbe John Lewis 
Partnership’s la more likely 
with profit sharing than 
Without? 

P. T. Lewis, 

Oxford Street, W1 

Independent 

radio 

From the Managing Director, 
Radio Wyvem. 

Sir, — What an appalling in- 
dictment on Lord Thomson and 
his Independent Broadcasting 
Authority policies for him to 
admit in your interview (May 
10): “ It could be argued that 
radio has subsidised TV." 

XTV contractors have an 
income 15 times greater than 
the independent local radio 
network! Even the word net- 
work is a euphemism — for what 
should have been 69 local 
stations, was halted at 47 when 
the IBA ran out of cash. This 
is not surprising when it 
demands £250,000 for a pair of 
transmitters which can be 
erected by specialists for less 
than a fifth of that sum. 

Lord Thomson also says that 
marketing expertise is lacking 
in ELR. Would it not be more 
correct to say that stations took 
on franchises when there was 
no Channel 4, no T V -am , no 
prospect of daytime ITV and 
now a 24-hour test on York- 
shire TV which will surely 
spread? 

This proliferation of TV air- 
time has been devastating to 
radio, yet we are locked under 
the same master. The several 
thousand small investors in 
local radio are undoubtedly 
being mulcted for the comfort 
and convenience of those who 
sit in office opposite Harrods. 

If there is any honour left 
at tbe IBA, it is now time to 
release radio and let us find 
our own salvation. 

Norman Bilton, 

5-6, Bor bourne Terrace, 
Worcester. 

Tax and die 
family 

From the Director, 

Chad Poverty Action Group. 

Six,— I can reassure Mr 
Frewen (May 30) that this 
group does not believe that the 
elderly should be the "principal 
financiers ” of an improvement 
in child benefit Although for 
space reasons, 1 did not make 
this clear in my original letter. 


we have always argued only 
that the married man’s allow- 
ance attributable to those 
below pension age should be 
used to improve child benefit; 
the rest should be redistributed 
amongst pensioners themselves. 
Even so, this still leaves £3£bn 
of the total £4.5bn — sufficient 
to more than double child 
benefit. 

RUTH LISTER, 

I Macklin Street, WC2. 


Tax relief for 
charities 

From Mr M. Nathan 

Sir v — I must endorse the 
criticisms made by earlier 
correspondents regarding the 
measures proposed under 
Clause 29 and Schedule 7 of 
the Finance Bill. These meas- 
ures can only be described as 
Draconian, introduced to 
counter the abuse of the 
charitable tax privileges by 
probably only 2 per cent or so 
of registered charities. Their 
effect would be to outweigh by 
far tbe encouragement to 
charitable giving given else- 
where by the Chancellor in his 
budget. 

It is no use the Chancellor 
stating that he is having talks 
with representative charitable 
organisations. This is not good 
enough. The budgets and cash- 
flow forecasts of charities are 
in disarray and they are at 
present uncertain as to whether 
they can fulfil their commit- 
ments, which may like other 
organisations be planned for 
some years ahead. This un- 
certainty must he removed as 
a matter of urgency. Further, 
which are the organisations the 
Chancellor is consulting — 
there is no central represent- 
ative body? 

It should be obvious whicb 
bodies are abusing their charit- 
able status and the registration 
of these bodies as charities. 

could be cancelled, if necessary, 
retrospectively by the Charity 
Commission. That body is 
charged under the Charities Act 
i960 with the job of policing 
charities, but has signally 
foiled to do so. It should be 
given the resources to do this, 
including insisting on the 
prompt lodgement of annual 
accounts of all charities, if 
necessary through regional 
Offices for local charities. 

It should not be overlooked 
that many charities, certainly 
the smaller ones, are run by 
persons in theit spare rime on 
an honorary basis. The pro- 
posed complicated measures 
will be beyond their capabilities 
and require tbe employment of 
expensive professional persons 
to enable them to ensure that 
they retain their charitable 
status and the tax exemptions 
that go with it 
Michael R. Nathan. 

Howard Tilly & Co. 

2 New Oxford Street WC2. 



■sfc 1CL benefited from the strategies implemented in preceding 
years and has continued its leadership in promoting Open 
Systems standards for information systems. 

¥ New products, many arising from collaborations, came on 
stream. Increased volumes were handled by new distribution 
channels. 

■sfc The effects of staff and management training programmes 
were reflected in our ability to manage the business in 
turbulent market conditions. 


RESULTS IN BRIEF 

1985 

£m 

1984 

£m 

Turnover 

1037-8 

942-6 

Profit before Tax 

53-8 

40-3- 

Return on Capital employed 

24 % 

19% 

Turnover per employee (£) 

£ 50,300 

£43,000 


ICL IS A MEMBER OF THE STC PIC CROUP 


We should be talking to each other. 






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BIRMINGHAM 021-501 3993 
LONDON 01-491 1438 ■ 






Friday May 16 1986 


Martens stays inside as Belgian union storm breaks 


VERY FEW trains. Not many buses. 
Mail deliveries patchy. Continued 
unrest in the coal mines. It looked 
yesterday as IT Belgium was grind- 
ing to a halt even before today's de- 
clared strike of public services, 
writes Paul Cheeserigfat in Brus- 
sels. 

There was not much sign of the 
Government but then there has not 
been For several weeks. Senior min- 
isters have shut themselves into a 
chateau in the Brussels suburbs for 
a mammoth negotiation on how to 
clip the official financing deficit by 
a third. 

With tempers rising outside and 
ministers arguing inside, it ap- 
peared that the Government, des- 
pite a renewed mandate at the polls 
last October, was under siege. The 
reality was more complicated. 

Certainly the Government’s 
method of doing business has 
handed the political initiative to the 
unions. Closeted in the chateau, it 


has left a vacuum which the unions 
have been trying to fill. The diffi- 
culty for them is that they are not 
particularly well-equipped to seize 
the opportunity. 

The Christian Democrat- Liberal 
coalition under Mr Wvlfried Mart- 
ens came back into power on a pro- 
gramme of continued economic 
stringency. A key element of that 
was to cut the official deficit from 
its current level of more than BFr 
6G0bn (Sl3.4bn) by BFr 200bn - to 
reduce, in Tact the official borrow- 
ing requirement to the equivalent of 
8 per cent of gross national product 
from 11 per cent. 

What was not clear then, and will 
only become clear next week, is 
bow and where the cuts will fall. 
Under the best circumstances the 
package would be difficult to put to- 
gether. Under Belgian conditions, it 
becomes more so because of the 
need to bring along in tandem hard 
line, free enterprise Liberals and 


softer Christian Democrats, often 
maintaining links to the Unions. 

The coalition, in short, has been 
busy settling its fate for the next 
three years - if it lasts that long. 

It was inevitable that the unions 
would respond. Although the unem- 
ployment rate has now dipped to 
under 13 per cent, there is an acute 
fear of more job losses. The unions 
argue that the public sector has al- 
ready borne more than its fair 
share of the burden of economic re- 
covery. 

Beyond these generalities, how- 
ever. there are divisions within the 
movement - divisions which pro- 
tected Mr Martens in his fifth Gov- 
ernment and will probably protect 
him in his sixth. 

There are two main groupings, 
one linked to tbe Socialists, pres- 
ently in parliamentary opposition, 
the other to the Christian Demo- 
crats. The Socialists are stronger in 
the French-speaking south of Eel- 


gium. Wallonia, and the Christian 
unions in the Dutch-speaking 
north. Flanders. 

For the Socialist grouping, the 
current series of strikes is a chance 
to put pressure on the Government, 
ideally to bring it down, at mini- 
mum to reduce the severity of the 
spending cuts. 

For the Christian group, the aim 
is less clear-cut. Its leaders over the 
last two days have been stressing 
the need for dialogue with not only 
the coalition but private sector em- 
ployers as well. 

This is not surprising. Senior fig- 
ures in the Martens coalition have 
sought, successfully so far, to keep 
the Christian grouping in line be- 
hind ihe government policy. The 
grouping is more acquiescent than 
the Socialists. 

Provided it stays that way, the 
Government can cope. The union 
movement divided is an irritant, not 
a threat This week there have been 


signs that the traditional mutual 
suspicion of the two groupings has 
begun to reassert itself. 

The two acted together in a one 
day public service strike on May 6. 
But this time, (or the repeat, the So- 
cialist grouping has been trying to 
spread the strike out from public 
services tike transport and the mail 
to ministerial and local government 
offices. That is further than the 
Christian grouping wants to go and 
its has been issuing strict instruc- 
tions to its members only to obey 
central instructions. 


For the Government then, the 
situation is messy, but not yet out 
of control. Its attitude has been 
cool. It is ready to talk to the 
unions, but only within the frame- 
work of the spending cuts it intends 
to make. There is no question, Mr 
Martens has made clear, of the 
unions helping to set policy in the 
chateau. 


Helicopters 


By David Brindle In London 


MR Robert Maxwell, the UK news- 
paper publisher, cable television pi- 
oneer and football club chairman, 
turned up yesterday at the Scottish 
headquarters of British Airways 
Helicopters in Aberdeen to declare 
his intention of buying the compa- 
ny. 

Accompanying him on his flam- 
boyant foray into the world of avia- 
tion were several trade union lead- 
ers who, it is believed, have agreed 
to back the deal on the basis that 25 
per cent of the company share capi- 
tal is distributed free among the 
workforce of 850. 

Mr Maxwell is thought to be pre- 
pared to pay C22m ($33.7m) for the 
company, part of the British Air- 
ways group, and is believed to have 
held discussions with Mr Colin 
Marshall, BA’s chief executive. 

The intervention of Mr Maxwell 
is not the first unexpected develop- 
ment in the course of BA's efforts to 
divest itself of the helicopters sub- 
isidiary. In February, Coin Valley 
Investments, a property company, 
announced it had negotiated a deal 
but notiiing further has been heard. 

The first many BA Helicopters 
employees knew of Mr Maxwell’s 
interest was the arrival at Aberd- 
een airport yesterday of his private 
jet, delivering not only the Mirror 
Group Newspapers chairman but 
also senior officials of the workers’ 
unions. 

Most of the union leaders bad 
earlier yesterday been at Gatwick 
airport in southern England, hear- 
ing the grim news of toe 1,000 job 
losses planned by British Caledoni- 
an Airways. 

Last night, BA would only con- 
firm that talks with Mr Maxwell 
were taking place: Mr Maxwell's 
private office sai± “We do not com- 
ment on rumours.” 

Led by the airline pilots’ associa- 
tion, Balpa, unions at BA have been 
trying to promote a management 
buy-out of BA Helicopters. The pro- 
posed Maxwell deal, which is likely 
to give the unions seats on the com- 
pany board through the employee 
share issue, is being seen as a half- 
way house. 


Chernobyl toll 
‘likely to rise’ 

Continued from Page 1 


to the north of Chernobyl, who tele- 
phoned a correspondent to claim 
that they had both gone bald be- 
cause of high radioactivity. Dr Vor- 
onyw said that anybody who had 
received enough radiation, which 
he put at 400 rad, to make them lose 
their hair would be too ill to make a 
telephone call. 


He was similarly dismi^ive of 
EEC sanctions on food products 
from Eastern Europe on toe Soviet 
Union, saying “products which are 
radiated can he easily checked in 
customs offices of our and other 
countries.” 



Grenfell to 
ar© list 




BY DAVID LASCELLES, BANKING CORRESPONDENT, IN LONDON 


MORGAN GRENFELL, one of 
London's largest and most success- 
ful merchant banks, is to seek a list- 
ing for its shares on the London 
Stock Exchange. 

The move will pave toe way for 
Morgan to raise a substantial 
amount of capital this year and put 
it in a better position to compete 
with leading international banks 
and securities houses in the world 
markets. 

The listing will be sought “as 
soon as practicable." Morgan said 
yesterday*, ft will probably come in 
the summer. 

Morgan already has 58m shares 
outstanding which are traded pri- 


vately among a number of institu- 
tions and staff of the bank. These 
currently change hands at around 
£8 apiece, giving Morgan a value of 
about C464m (5712m). However, a 
listing would improve toe shares' 
ability to trade and should enable 
them to command a higher price on 
toe open market. 

Morgan's major shareholders are 
Willis Faber, the London insurance 
brokers with 23 per cent, and sever- 
al insurance companies and 
Deutsche Bank with about 5 per 
cent 

Mr Christopher Reeves, the 
bank's chief executive, said that, 
while Morgan could raise new capi- 


tal from its existing shareholders, 
“on balance, now is a good time to 
go for a listing because we will be 
able to raise a really sizable sum of 
money and be able to position our- 
selves for the Big Bang." 

He said that, while Morgan is 
best known for its corporate fi- 
nance and banking business, it is 
heavily committed to developing its 
activities in the securities markets, 
where it now employs 450 people. 
“We need to feel we have the fire- 
power to help our clients,” he said. 

Morgan also had ambitions to ex- 
pand in New York and Tokyo, he 
said, where there is “lots of tough, 
well-capitalised competition." 


BBC study 
and favours 




licence fee 


BY RAYMOND SNODDY IN LONDON 


THE Peacock Committee into the 
future financing of British broad- 
casting has rejected advertising on 
BBC television for the foresseable 
future and will instead suggest toe 
indexing of the viewers’ annual li- 
cence fee. 

The committe, which yesterday 
was putting the final touches to its 
report, will tell Mr Douglas Hurd, 
the Home Secretary, that the BBC 
licence fee shouid be indexed to the 
retail price index (RPI) foe the next 
10 years. 

Such indexation would, in effect, 
impose financial restraints on toe 
BBC because the rate of inflation in 
broadcasting has in the past consid- 
erably outstripped the RPI. 

After the indexation period the 
effects of technological progress 
could be reassessed and the intro- 
duction of either advertising on 
BBC television or a subscription 
service considered. 


The committee has apparently 
accepted one of the key arguments 
put forward in evidence that sepa- 
rate sources of funding for the BBC 
and Independent Television is a 
fundamental factor behind the qual- 
ity and diversity of British broad- 
casting. 

By implication, it is aiso suggest- 
ing that although toe era of broad- 
casting satellites and a proliferation 
of new television channels is on the 
w3y it may be the mid-1990s before 
the impact is significant 

The committee will, however, put 
all its weight behind encouraging 
the independent television produc- 
tion sector. It will propose that 
there should be a quota, possibly 
around 25 per cent, of UK indepen- 
dently produced programmes on 
British television. 

The production facilities of the 
BBC should be available for use by 
independents at a fair price, parti- 


cularly in the regions such as Scot- 
land. 

The committee is also symathetic 
to the idea that Channel 4, at pres- 
ent a wholly owned subsidiary of 
the Independent Broadcasting Au 
thority, should become a stand- 
alone company. At toe moment, the 
independent television companies 
are responsible for selling advertis- 
ing time for the channel. 

Peacock has taken toe view that 
a “liberated" Channel 4 would in- 
crease competition within British 
broadcasting 

Although' the committee, set up 
by Mr Leon Brittan, toe former 
Home Secretary in March 1985, is 
leaving the BBC national network 
intact it would like to see radical 
change over local radio. 

It will suggest the co-ordination 
of commercial and BBC local radio, 
possibly under a new cost-effective 
radio authority. 


Court boost for Ulster Catholics 


BY DAVID THOMAS IN LONDON AND TERRY DODSWORTH IN NEW YORK 


A NEW YORK court has ruled that 
there is no legal impediment to US 
companies operating in Northern 
Ireland the so-called MacBride 
principles, which are designed to 
give Roman Catholics in Ulster 
greater access to jobs. The princi- 
ples are opposed by the British Gov- 
ernment 

Although the ruling o! the New 
York court has no standing in Nor- 
thern Ireland, it is bound to in- 
crease pressure from toe Irish lob- 
by on US companies with subsidia- 
ries in Northern Ireland, which 
have resisted adopting the Mac- 
Bride principles. 

The MacBride principles, which 
are backed by some sections of the 
Irish lobby in the US and are highly 
controversial within Northern Ire- 
land. are named after Mr Sean 
MacBride, winner of the Nobel 
Peace Prize and a former IRA chief 
of staff before the Second World 
War. 

The British Government and the 
Fair Employment Agency, the stat- 


utory body charged with opposing 
religious discrimination in Nor- 
thern Ireland, have consistently ar- 
gued that adopting the principles 
would entail reverse discrimination 
in favour of Roman Catholics and 
against Protestants, which would 
contravene UK law. 

However, a New York district 
court judge has ruled that although 
some of the principles might "be 
viewed as calling for affirmative ac- 
tion, they do not call for discrimina- 
tion against anyone." 

The British authorities are con- 
cerned about the potential disincen- 
tive to investment in Northern Ire- 
land if US companies were forced to 
adopt toe principles, since it be 
lieves that corporation. 1 ? could then 
come into conflict with law in toe 
province. 

The 26 manufacturing subsidia- 
ries c-f US companies in Northern 
Ireland account for more than 
11,060 jobs. 

The New York court was asked to 
rule on this issue in a cose taken 


against toe American Brands tobac- 
co group which has a subsidiary in 
GaNaber. 

The New Y'ork City Employees* 
Retirement System, an influential 
US pension fund, had wanted to put 
a resolution to shareholders at 
American Brands’ annual meeting 
calling on the company to adopt the 
MacBride principles in its Northern 
Ireland labour policies. 

American Brands refused to ac- 
cept toe resolution on toe ground 
that toe MacBride principles con- 
flicted with UK law. 

_ During the litigation in New 
Y'ork, toe British Government sub- 
mitted written evidence to tbe ef- 
fect that the MacBride principles 
fell foul of toe UK’s Fair Employ- 
ment Act 

However, two British legal ex- 
perts. Mr Peter Archer, the opposi- 
tion Labour Party’s spokesman on 
Northern Ireland, and Mr Christo- 
pher McCrudden, lecturer in Jaw at 
Lincoln College, Oxford, submitted 
evidence to the contrary. 


US moves 
to counter 
EEC curb 
on imports 


By Nancy Dunne in Washington 

PRESIDENT Ronald Reagan yes- 
terday imposed con-restrictive quo- 
tas on white wine, candy, beer and 
several other ETC products in retal- 
iation for limitations on US grains 
and oilseed exports imposed when 
Portugal and Spain joined toe Com- 
munity. They will take effect on 
Monday. 

The White House also made pub- 
lic a list of other items which face 
increased tariffs if the US and the 
EEC do not reach agreement by Ju- 
ly 1 on compensation for lost Amer- 
ican grain rales to Spain. Port, 
cheese, vegetables, brandy, gin, li- 
queurs are included. 

Mr Larry Speakes. toe White 
House spokesman, said: "This is a 
dispute toe US sought to avoid, but 
we cannot overlook toe EEC’s unila- 
teral actions which, clearly violate 
Gatt rules and affect some of our 
most sensitive exports.” 

The action followed the Presi- 
dent’s warning on March 31 that 
the US would respond in kind to toe 
EEC's import restrictions in agricul- 
tural trade resulting from the Span- 
ish and Portuguese accession. 

Mr Speakes said the US response 
was “fair and measured." The tariff 
restrictions will be set above cur- 
rent trade levels and will not be 
dropped unless ITS oilseed and 
wheat sales to Portugal are limited. 
Both sides in toe dispute have said 
trade will not suffer this year as a 
result of toe quotas. 

The full fist of products to be in- 
cluded under quotas includes ale, 
porter, stout, beer, apple or pear 
juice, white wines valued at more 
than S4 a gallon, chocolate bars and 
candy, and other confectionery 
products. 

Paul Cbeeseright, in Brussels, 
writes: The Community will match 
the US restrictions, symbolic or not, 
by measures of equivalent res 
train t. They will be imposed on a 
list of 14 US products sold in the 
Community. 

Last night, however, toe Commis- 
sion. was cautious in its reaction. It 
noted that it had not yet received 
information on either toe quota lev- 
els or the administrative arrange- 
ments to support them. 


BCal calls for 
1,000 jobs to go 

Continued from Page 1 


days of tbe raid, BCal had lost 
£3.7m revenue “as a direct result of 
tbe Libyan bombing,'' Mr Coltinan 
said. 

He also blamed the radiation 
scare from the Soviet reactor explo- 
sion at Chernobyl and forecast that 
this and more fears of terrorist ac- 
tion could cost BCal “a further C25m 
to DOm." 

The airline intended to redeploy 
some of its excess aircraft capacity. 
One DC-10 airliner will be taken off 
the Atlantic routes and will serve 
the more buoyant Gatwick to Hong 
Kong route this summer before be- 
ing sold. 



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Paris eases curbs on capital flows 


Continued from Page 1 


From toe point of view of timing, 
toe most unexpected measures an- 
nounced yesterday were toe lifting 
of restrictions on capital move- 
ments. These involve the abolition 
of the foreign exchange premium 
on purchases by French resident of 
[ foreign stocks, freedom to buy a 
second house abroad, to make gifts 
to non-residents and to transfer as- 
sets to another country when mov- 
ing abroad. 

The lifting of these restrictions - 
long sought by France's European 
partners as part of the process of 
strengthening toe EECs internal 
market - means that for the first 
time since 1968 France will no long- 
er be seeking exemption from EEC 
regulations on freedom of capital 


flows. French Treasury officials 
had earlier been planning to link 
concessions on this issue to mone- 
tary negotiations within the EEC in 
toe Autumn in which France will be 
seeking West German support for 
strengthening the role of toe Euro- 
pean curency uniu 

The derision to prepay FFr lAbn 
of the loan revised with the EEC in 
1983 cuts the French Government's 
foreign indebtedness to S3.7bn - or 
less than half the level of 19B4. Of 
this. Sl.lbn is still due to toe Com- 
munity and S2.6bn is outstanding 
On a syndicated Eurocredit. 

In terms of deregulation of the fi- 
nancial markets, the most reaching 
measure is ttoe decision to do away 
rom toe beginning of next year with- 


the system of controlling bank lend- 
ing through credit ceilings. 


Parallel with this, competition 
will be encouraged within the bank- 
ing system by giving banks free- 
dom to set their own rales on term 
deposits of more than three months 
and by abolishing the requirement 
that the opening, closing and trans- 
fer of branches should be subject to 
official approval. 

Among measures intended to 
broaden toe range of money market 
instruments available to corporate 
treasurers. Mr Bahadur announced 
that the minimum maturity on cer- 
tificates of deposit issued by banks 
would be cut to three months (from 
June) and eventually to L0 days. 


/; 






THE LEX COLUMN 


Times are rare these days when 
toe oil sector outshines the rest of. 
the market, but then the market 
not been thinking in terms of 
record oil company profits. Yet in 
replacement cost terms, at least, 
that is what Shell and British Petro- 
leum have managed in the . first 
quarter. It was perhaps bad timing 
for BP to release its figures some 
hours after ShelL BPs repla cem e n t 
cost net profit of E740in was well 
ahead of market predictions, but af- 
ter Shell's prodigious £1.3 bn it 
looked much less impressive. 

What both companies proved con- 
clusively is that they have been far 
better than, tbe US majors in gen- 
erating downstream margins to 
compensate for the dip in produc- 
tion revenues. Although Shell is the 
acknowledged master of this busi- 
ness, BP is no slouch these days. 
Ouade toe TJS. BP made the same 
downstream marg ins, about S3 a 
barrel, as ShelL 

It is in tbe VS that BPs problems 
lie. Standard Oil achieved the rare 
feat of a drop in both upstream and 
downstream replacement cost earn- 
ings. Messrs Horton and Brown 
recently despatched from Britannic 
House - are going to be busy mem 
But on toe stated historic earnings, 
BP is letting its US subsidiary paint 
a blacker picture than Shell might 
do in similar circumstances. Shell 
Oil returns no historic figures into 
toe group, and thus no stock losses, 
whereas Standard returns UK-style 
stock losses of £174m. If BP ac- 
counted for Standard in the way 
that Shell treats its US subsidiary, 
then BFs historic cost profits for 
the quarter would have been put at 
almost £200m instead of £22m, and 
possibly prevented its share price 
from dropping lOp to 553p, while 
Shell's gained Bp to 773p. The differ- 
ent response may also reflect suspi- 
cions that BP is unlikely to increase 
its dividend even if Shell Trans- 
port’s sterling dividend increases to 
match a static pay-out in Royal 
Dutch. 

Occasionally Shell gives toe im- 
pression that the oil price fall is of 
no consequence in any of its busi- 
nesses. How else to explain the fact 
that its non-US production profits 
were actually up on tbe last quarter 
of 1985? A more tangible explana- 
tion is that Shell’s upstream vol- 
umes are about 18 per cent gas, 
whereas BP has a much more oily 
mix of hydrocarbons. There is a 
built-in lag in European gas sale 
contracts, so that Shell's gas profits 




more jetportantto btddvpi 
erstharr borne gymsande 
.'oflfcsigxter'gtesaes fewni 
ty ; acquired Pearte Health^ 
- toeless Liggett isi still jpg; 

‘ the improvement & pr 
speed up; the process^'! 
could even realise the i 
£100m invented there; 
which is is -maturing, 
stocks. - ■ 

The problem looming 


'toSriste caned = 

-continental .Mds in 
out asudtfeirevivaL. 

. feint han&Xbe pound; 
age fair more than the $1.24 j 


reflect- toe. tr ading / conditions- of in Grand; fiefis Iasi _ 
about .six months ago. T5me will in- - also ' cuffing' . the -pre-tax 
evitably reverse this advantage If Profits; ©F f3TOiu' j against 
oil prices hold. “ without help' from a v- pen 

:day, would put the shares 
: : oa. a p/e aroondfll, » 


Morgan Grenfell 


leaves Etflescope for 
ancel 


News Corp 


W hen Mi* Rupert Mn 
handed his Fax TV network! 
with Slim of junk bands„ 
was in much doubt that a ; 


After the Exco-meiger -solution 
failed and toe rights issue idea was 
classed as too short- term an 
answer, Morgan Grenfell had. to re- 
vert to plan a - going public. * to 
find the capital it needed to -come 

out on top post Big Bang. As «ome. 

existing shareholders will compete ~. refinA-nring operations 
for new shares to keep toeir hold- - krtv. The Fox bond’sl3 per 
ings up, notabtytyiRis Faber which 
needs to equity "account- its: stake, 
demand could be sufficient to raise 
£JUXhnto.£15Qm.. 

With the current off-market capi- 
talisation of the group at £450m-‘ _ 

phis and assuming that the shares: about Mr Murdoch's at ti tu d e t$j 
can command a higher price once lotion. Non-essential assets 
freely traded, the bank could be val- 
ued near to E850m by October. That 
would put it in the big league of UK 
merchant banks, but about a milli- 
on miles below the main players on 
Wall Street 


pon, escalating to 15 per^j 
looked an uncomfortable 
Hie News Corp cash, flow i 
Wapping, while the option to 4 
vert into News Corp equity conSf 
with everything that is loin 




evidently be sold, and as 

possible 

The S200m of preference 
that News is now raising 
the Fox bond in haying a 
sion option, but in do other' 
The coupon is some 8 points 
and the shares convert into 
•„ „ ■ , . _ . ' News's most marketable Iris 

While Grand Metropolitan waits g^.-per emit hoforng; 

for its newer, higher-rated busi- Renters “B" shares. Given ajUT 
nesses to come through strongly to 


Grand Met 


profits, it muit be grateful to its ba- 
sic activities for kee pin g the num-. 
bees edging ahead. Profits growth 
from £131.9m to £140 .2m for the six. 
months to March came largely out 
of toe supposedly mature brewing, 
pubs and food divisions. An even 
greater irony is that the Liggett ci- 
garette business in the US im- 
proved profits while fitness prod- 
ucts were in poor shape. 

Here currency movements ob- 
scure toe picture, but it seems that 
cigarettes, pet food and Pepsi are 


cent, conversion premium and'44 
per cent coupon, the comnezsj. 
may dribble on for some tfis 
which is obviously a far. .belt 
method of selling the stake Hi 
News and Reuters - than a iuj 
discounted placing. As it happa 
the News Corp share price has a 
but quadrupled in toe last 
months, and a lew basis pond 
might conceivably have been sang 
by giving an option into News pad 
mon stock rather than-Reuters/T 
toe dilation must have 
worth avoiding at tbe price. 



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SECTION n - COMPANIES AND MARKETS 

FINANCIAL TIMES 


HOMEOFTHE NATIONAL 
GARDEN FESTIVAL 1986 


Staffordshire 



Friday May 16 1986 



Where ambitions are achieved! 


More US oil groups 
forced into write-offs 


.I 1 ; a 


3*® 


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T - 


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i!e t- 


BY PAUL TAYLOR IN NEW YORK 

■ THE SEARING impact of the oil 2 
and energy price slump was dra- < 
matieally highlighted again yester- 
day when a string o£ major US oil 
amt gas companies and an oilfield 1 
equipment manufacturer reposted ' 
substantial writeoffs, revised earn- { 
- lags results, losses and rartb af-k* 1 
,n? ■ fetio- Lewis, the Colorado-based * 
nil and gas energy group, reported a : 
$3483hn fiscal third quarter net loss * 
. in the quarter ended March 31 after * 
taking a 5332m writedown on oil 
and gas properties. The latest loss 1 
compares with a more modest c 
Slim loss in the year-ago quarter c 
and came on- revenues which « 
plunged by 32 per Cent to $44-26m 5 
from 5812m. 

Dresser Industries, the major c 
worldwide oilfield equipment and t 
sendees gro u p, said fiscal second j 
quarter net earnings fell by 94 per S 
cent to break-even level. Dresser £ 
posted net earnings in the quarter s 
ending April 30 of just SlAm or 1 j 
cent a share compared to net earn- t 
* ings of $2JUm or 31 cents a share a t 


year earlier. Revenues fell by 8 per 
cent to 5956m from-S1.04bn. 

Ur John Murphy, Dresser chair- 
man and president, cited "the ex- 
tremely rapid decrease in oil and 
gas drilling, particularly in the US.” 
He said the decrease in drilling ac- 
tivity began in mid- January as a re- 
sult of declining oil and gas prices 
and has been “in virtual tree fair 
ever since." 


Dresser's six month net earnings 
fell by 70 per cent to Sll.7m or 15 
cents a share from 538.6m or 51 
cents a share on revenues which 
edged down to S1.88bn from 
SL94bn. 

PezmzofL the Houston-based en- 
ergy group battling with Texaco in 
the courts, restated first quarter net 
profits of S42.3m to show a toss of 
516.14m because of the recent US 
Securities and Exchange Commis- 
sion (SEC) decision requiring com- 
panies to write down the value of 
their oil and gas properties quar- 
terly. 


As a result of the SEC decision. 
Peanzoii said its 48.7 per cent 
owned affiliate, Proven Properties, 
wrote down its oil and gas proper- 
ties by about 5120m. Pennzoil's 
share of this charge was about 
S58m or 51.42 a share. 

Coastal, the Houston-based diver- 
sified energy group, said it had shut 
down 53 per cent of its gas produc- 
tion in south and west Texas be- 
cause of current weak prices for oil 
and gas . The group, which tost year 
acquired American Natural Re- 
sources, a major gas pipeline com- 
pany, added that it was studying 
other wells that could be shut down 
without damaging the producing 
reservoir or violating lease provi- 
sions. 

. Separately, Ashland Oil, the US 
oil refiner and petroleum products 
group, revised its employee benefits 
plan covering 8,000 salaried em- 
ployees and recovering between 
S200m and S300m in excess pension 
assets which will be used fin* gen- 
eral corporate purposes. 


Pharmacia 
outpaces 
weak dollar 

By Our FlnancM Staff 

PHARMACIA, the Swedish pharm- 
aceutical and biotech group, report- 
ed a 12 per cent increase in pre-tax 
profits for the first quarter of 1986, 
despite the negative impact of the 
weakened dollar. 

^ The company. Much is 40 per 
.^qejifcowued by the Volvo motor, en- 
ex&hmd foods group, says sales for 
the three months improved by 4 per 
cent to SKr 86ftm (S123m). After 
tax, profits were SKr 155m. against 
SKr 144m. 

Earlier this -year Pharmacia act 
nounced a 18 per rent rise in profits 
for the whole' ofl985, fait. warned 
that’growfh dnring-198B was KtoHy 
to he slower. 

Novo Industri, ^.Danish rival to. 
Pharmacia, also reported. a first- 


uuuLUi 

nqss in the dollar.-' Novo pre-tax 1 
earnings fell to DBfcc 180m ($23m) ' 
from DKr 282m. ' \ ■ ■ 

. ’fiunover dipped- -foam:- DKr 
‘ LDTbn to DKr l.Olbn.' abd profits af- 
ipr tax fell to DKr 121m from DKr, 
Ifc'a performance which Novo 
Tfiid was broadly in line with group 
expectations. • 

Novo, which is listed in London 
and New York, ifi the worlifs big- 
gest producer of Industrial en- 
zymes. It ha& suffered dedining ; 
profits in hoth 1985 and 1984. . . 


Dome deficit widens 
as oil price slumps 


BY BERNARD SIMON IN TORONTO 


THE SLUMP in oil and gas prices 
pushed up Dom e Pet roleum's first- 
quarter toss to CS72m (US$52_3m) 
equal to 24 cents a share, from 
C$23m or 10 cents a share, a year 
earlier. The latest toss was after a 
tax credit of 524m. 

The - Calgary-based company, 
-which has debts of more than 
C$6bn, Buffered a decline in operat- 
ing income from C$1 96m to C$80m. 
Revenues fell by 30 per cent to 
C$4 60m. 

The company said thqt, based on 
TJS accounting 1 principles, a write-' 
down of its oil ttid gas assets total- 
ling CS564m net of deferred taxes 
would he 1 required. Such a write- 
down would’ bo* ? brought the first 
quarter toss to CS632m. Dome said 
.that the., writedowns were not re- 
quired by Canadian accounting 
principles. 

Dome is at present in. the process 
of renegotiating debt repayments 
with its 56 international creditors. 
The company has proposed curtail- 
ing most principal and interest pay- 
ments. It has received waivers from . 
lenders bn payments due to May 29, 
pending the' outcome of negotia- 
tions. 

The . revised repayment schedule 
will supersede a debt rescheduling 
plan implemented last year before 

the collapse in oil prices. 


The latest quarterly returns in- 
cluded a net gain of C579m from the 
sale of 10m shares in Dome Mines. 
First-quarter income from oil and 
gas operations was almost halved 

• Amoco, the large US oil group, 
plans to discontinue the sale of oil 
products including petrol and home 
hftflfriwg oil, in five states of the US 
within about a year. The move in- 
volves about 4 per cent of its 10.9bn 
gallon sales of petrol and distillates. 

It is taking this step because of 
low sales volume and profitability 
and marketing which has increased 
the company's dependence on out- 
side sources forpetroL 
0 Mesa Petroleum intends to sell 
its 10.93 per cent stake in Unocal 
with the latter’s agreement reached 
after Mesa foiled to take over the 
US aQ group. 

In a Securities and Exchange 
Commission (SEC) filing, Mesa said 
it aims to dispose of the 12.7m 
shares subject to conditions de- 
signed to assure that they are dis- 
persed among many buyers. 

• Tosco, the big independent US 
oQ refiner, has revised its first- 
quarter net toss upwards to 
SlOfinm, from the 555.77m origi- 
nally reported. The revision reflects 
a $ 45 m writedown of oil and gas as 
a result of the new SEC require- 
ment an valuation of these assets. 


.v'i-'-y? 


Concurrent loss Kits Perkin-Elmer 


BY OUR NEW YORK STAFF 

PERHN-ELMER, the US high- 
tedmcJb gy group, - yesterday posted 
a 24 per cent dediie in fiscal third' 
quarter net earnings citing, in part, 
Josses at Concurrent Computer, the 
superminicomputer group which 
. was spun off as a separate company 
. late lost year. perkiiv-Ehner retams 
an" 82 per cent equity stake in Con- 


'A IFftririn-EIiiier said net earnings 

V, "ini the quarter ending Aprfl 30 feD to 


518Jim or 40 cents a share from 
$21 .6m or 49 cents a share in the 
year-ago period. Sales slipped to 
S32Q.7m from 5339.8m. 

For the nine-month period, Per- 
Kn- Elmer reported net earnings of 
$52Jm, down from 557 Am or $1.30 a 
share in the year-ago period on 
sales which, fell to $940.7 m from 
S954.4 bl 

’ Mr, Horace McDonell, chanxnan 


aadriiief executive, said third quar- 
ter results were affected by a previ- 
ously projected loss at Concurrent 
Computer. 

Separately, Concurrent con- 
firmed its earlier estimated 
$724,000 or 6 cents a share net toss 
for the fiscal third quarter com- 
r pared to a $3J9m or 42 cents a 
share profit in the year-ago period. 
The small loss came on sales which 
ieli to $56 .9m from 566.36m. 


FFr 2.5bn 
share sale 
for Credit 
Lyonnais 

" By David Marsh in Paris 

CREDIT LYONNAIS, the second 
largest french nationalised bank, 

yesterday announced a FFr 2.5bn 
(S3 59m) issue of non-voting shares 
designed to bolster its capital re- 
sources. 

The bank also said its consolidat- 
ed net profits rose 17 J per cent last 
year to FFr 1.2bn. This was a simi- 
lar increase to that already an- 
nounced for parent company earn- 
ings. which rose 19.8 per cent to FFr 
442m. 

The issue of eeni/icats d'inves- 
tissemenu or Gs will not give hol- 
ders preferential dividend rights, in 
line with the issue of FFr 5.3hn re- 
cently made by Banque Nation ale 
de Paris. 

Credit Lyonnais follows a stream 
of other top French banks in 
launching the Gs. The issues pave 
the way for possible denationalisa- 
tion by giving the state the opportu- 
nity eventually to change non-vot- , 
ing shares into full voting equity. ! 
However, Credit Lyonnais - re- 1 
garded as having the toast healthy 
balance sheet of the big French 
banks - is not considered a priority 
candidate for outright denationali- 
sation. 

Biotechnology 
venture 
for Kodak 

By Our New York Staff 

EASTMAN Kodak, the US photo- 
graphies products and chemicals 
group, yesterday extended its push 
into the pharmaceuticals busi n ess 
by announcing a joint venture 
agreement with Cytogen, a Prince- 
ton, New Jersey-based biotechnolo- 
gy company. ■ 

Kodak will acquire a 16 per cent 
stake in Cytogen far $15m and 
spend up to S6m over^tf three-year 
period to fund the development of 
cancer treatment products. The 
agreement is the latest in a series 
of joint ventures by Kodak's new 
Life Scences division. 

USAF contract 
for Snecma 

By Our Paris Correspondent 

SNECMA, thfr French state con- 
trolled aero-engine group, has a 
half share in a $46 lm order re- 
ceived from the Pentagon to pro- 
vide new engines for the US Air 
Force’s fleet of Boeing KC-135 
transport aircraft 
The order was awarded to CFM 
International, a joist venture be- 
tween General Electric of the US 
and Snecma. 

Baxter Travenol 

BAXTER Travenol, the VS pharma- 
ceutical and medical services group, 
is on track to meeting analysts’ ex- 
pectations of earning 15 to 20 cents 
for the second quarter and 70 to 80 
cents for the full year. Due to the 
omission of a line in processing, the 
quarterly figures were attributed to 
the full year in yesterday's report 


Oerlikon downgrades sales forecast 


.‘j 

f H 


- BY JOHN HACKS IN ZURICH . ' 

OERLIKON-BOHRLE, the Stow 
industrial concern, has downgraded 
.3*9 ‘ 1986 satefr-growtii projection 
frpm 10 .per cent to less than Sjpier 
dentin view of ex c hange rates. : 
r. Although company chairmaAi* 
Dietrich Buhrle believes the dollar 
roidd strengthen again by fbee nd 
of the year, he said in Zurich yes- 

- 4eday flat “there were po 

a further improwineat m proms. 

Last year, consolidated earrings 
rose from SFr 15m to. SFr 37.3m 
despite a L3 per cent drop 
TO to SFr Sbn.: Net profits of 
S’ company 

paymeot." 

.sridDrBfihrie* 


., He scplained that the recent SFr 
■ lbn Canadian army order fo r the 
group’s Adats missiles system 
would not show up in corporate ac- 
counts until 1958. In tie meantoie, 
there was a ladt.of law business In 

conventional military products. 

However, he disposed that the 
company hoped thaie would be a 
further AdBts order placed ;wtthin 
the - next' 12 months. Oerifiton-. 
Bahrie had .‘Very good:chances" in 
the US - where it works through 
the Martin Marietta grmip as a. 
partner - while there was.interest 
in the system in another Nato eoun- 

trr and on the part of a third gov 


Until then, flie group is faced 


tion costs for Adats and the respon- 
sible subsidiary Werkzeugmasciun- 
enfebrik OeriOum-Buhrle remains 
in the red. 

Elsewhere, the Zurich-based pro- 
duction subsidiary Contraves ex- 
pects a "continuation of its favour- 
able development" in 1886, despite 
disappointing order inflow in the 

miHtary products division so far 

this year and problems in the field 
of electronic drives and motors in 
the US. Contraves and its own Ital- 
ian subsidiary will also carry out 
deliveries to the Canad ia n project 

The machinery division expects 
.to show a profit this year, though 
1985 growth rates in the machine- 
tool sector cannot be repeated due 
to lack of available capacity. 



LINFIN CORPORATION 

U.S.$275,000,000 
Collateralized Floating Rate 
Notes due 1995 

For the three months 
14ih May 1986 to 14th August 1986 the 
notea wil carry an interest rate of 7We% per annum with an 
interest amount of US.S902.43 perU.SS50 ( 000 nominal. 
The relevant interest payment date will be 
14th August 1986 

i foferi ontttg Luxembourg Stock Exchange 



Bankers Trust 
Company, London 


Agent Bank 


Home market rivalry 
hampers BMW growth 


BY DAVID BROWN IN MUNICH 

BMW, the West German car and 
j motorcycle manufacturer, reported 
parent company turnover up by 2.5 
per cent to DM 5 Jbn (52.4bn) in the 
first four months, but it expects 
both sales revenue and earnings 
this year to stabilise at 1985 levels. 

BMW annou nce d parent compa- 
ny net profit declined from DM 
329.8m to DM 300m, in the face of 
sharpening competition on its im- 
portant home market 
As a result it is maintaining its 
dividend at the previous level of 
DM 12.50 per share, in contrast to 
its rival Daimler-Benz, which raised 
its 1985 payout by DM 1.50 to DM 12 
per share, and added a ane-for- 
seven bonus issue. 

Mr Eberhard von Kuenheim, the 
chief executive, admitted the group 
faded adequately to anticipate the 
demand for diesel powered cars, 
and had been unable to introduce 
its own version until late last year. 

BMW's West German market 
share at the end of April stood at 5.4 
per cent This compares with 62 per 


Gould charge 
results in 
$ 1 15 . 1 m loss 

By Our Now York Staff 

GOULD, the US electronic, compu- 
ters, instrumentation and d efe nc e 
systems group, said yesterday that 
it has taken a S130m special charge 
against first-quarter earnings to 
reflect estimated losses on fixed- 
price defence contracts. 

The Illinois-based group, which 
earlier reported net earnings of 
S118m or 33 cents a share in the 
first quarter, said that after the 
charge it has restated its first quar- 
ter earrings to show a 5115.1m loss. 

The latest charge, mainly attri- 
butable to its Navcom systems divi- 
sion. follows a S8.7m charge taken 
against 1985 fourth quarter earn- 
ings 


cent for all of 1985 and 6 JS per cent 

in 1984. Total domestic deliveries 
last year fell by 9 per cent to 148,000 
units. 

However, the group managed to 
raise 1985 unit sales in the US by 
one-quarter to 88,000 units despite a 
weaker overall market, and total 
foreign deliveries rose by 7 per cent 
to 292,500. 

Despite the slip in market share, 
domestic registrations picked up in 
the first quarter by 12 per cent, and 
accounted for just under a third of 
the total 152.000 vetude output for 
the period. 

Diesel-powered and catalytic con- 
verter equipped cars now each 
make up a quarter of domestic 
sales, and the group was able to 
push through price increases of 
about 8 per cent late last year. 

Despite the recent addition of 
special shifts, however, BMW has 
not been able to keep pace with de- 
mand, and the waiting list for some 
cars has grown to six months. 

Moreover, the group's new 300- 


series plant in Regensburg will not 
open until late this year, and will 
only slowly build up to an annual 
production of around 40.000 cars. A 
new top of the line 700-series will be 
introduced later this year. 

The Regensburg plant is part of a 
DM lObn six-year investment plan 
through 1992' 

BMW's hopes of acquiring a con- 
trolling stake in the Messerschmitt- 
Bolkow-Blohm (MBB) aerospace 
and defence group were dealt a set- 
back by the state of Bavaria's re- 
cent announcement that it was un- 
willing to part with its total 25 per 
cent share. 

BMW's interest in MBB mirrors 
acquisition moves by Daimler-Benz 
and General Motors of the US to 
broaden their high-technology in- 
terests. 

Overall, BMW expects slightly 
higher auto production this year. 
Motorcycle output is expected to re- 
main at roughly the same 37,100 un- 
it level as last year. 


Bilfinger and Berger 
cuts payout to DM 9 


BY PETER BRUCE IN BONN 

BILFINGER and Berger, one of 
West Germany's biggest construe-' 
tion groups, is cutting its 1985 divi- 
dend from DM 10 to DM 9 following 
a 35 per cent drop in net profits to 
DM 14.6m ($6.B5m). The group's 
chairman, Mr Christian Roth, 
warned in Mannheim that 1986 
could be even more difficult 
Construction activity in West 
Germany is at a post-war record 
low, forcing hundreds of smaller 
contractors out of business. It is a 
measure of the scale of this crisis, 
and of the cushioning provided by 
foreign contracts, that Mr Roth 
nevertheless felt able to describe 
the group's performance last year 
as satisfactory. 


Although domestic activity was 
beginning to pick up again, he said, 
construction in Bilfinger and Berg- 
er's foreign markets was contract- 
ing quickly and he hinted at signifi- 
cant, though unspecified, rationali- 
sation measures to cope. The group 
employs 24,000 people. 16X00 out- 
side West Germany. 

Mr Roth said the chief causes of 
the collapse in foreign orders were 
low oil prices, which have hit Mid- 
dle Eastern customers, and diffi- 
culties in Libya, a major market, 
where the value of work done this 
year would probably halve 

In all, the group is expecting to 
complete projects worth DM 2.8bn 
this year, 


National 
Intergroup 
deeper 
in loss 

By Terry Dodsworth in New York 

NATIONAL Intergroup, the US 
steel and distribution company 
which has been steadily moving out 
of the metals business, slumped 
more deeply into loss in the first 
quarter of this year, when -it was hit 
by heavy charges in its oil-end steel 
services subsidiaries. 

Net losses amounted to S58Am, or 
$2,86 a share, against $]7Jhn, or 
51.08 a share, in 1985. Sales jumped 
to S923m from 5101m, with the big 
jump mainly attributable to the ac- 
quisition of the Permian oil gather- 
ing and distribution company in Au- 
gust of last year. 

This year's first quarter is being 
treated as a separate period and 
will be shown as such in future in- 
come statements. The company 
said it is moving to a fis c al year 
beginning on April 1 to reflect the 
recent acquisition of FoxMeyer, a 
pharmaceutical distribution busi- 
ness which uses a reporting year 
corresponding to other leading com- 
panies in its sector. 

Mr Howard Love, chairman of 
National and the main architect of 
' its restructuring, said the acquisi- 
tion of FoxMeyer and its growth 
potential should contribute to im- 
proved results as the company be- 
gins its new fiscal year. He said all 
of the group's businesses were ex- 
pected to show substantial improve- 
ment in the current year. 

Total charges in the quarter came 
to 546.4m, including 528.2m for the 
reduction of inventory values in 
Permian, S7.5m related to the pro- 
posed sale of substantially ail of the 
materials distribution business, and 
S12.7m for the write-off of miscel- 
laneous investments and ftwHHioc 

The results also include a net eq- 
uity loss of S19.7m representing the 
50 per cent share of the losses of 
National Steel, the former steel sub- 
sidiary of the company in which 
Nippon Kokas of Japan has taken a 
50 per cent .s take . 



All of these Warrants have been offered outside the United Slates and may not at any time 
be offered or sold in the United Slates or to citizens or residents thereof . 

This announcement appears as a matter of record only. 


New Issue / May, 1986 


Phibro-Salomon Inc 


Treasury Note Calls 


Amongst other operations, the 
Liechtenstein-based high-technolo- 
gy company Babers expects “excel- 
lent results” and is to expand activi- 
ties in Japan and the US while the 
welding technology division fore- 
sees a better year despite problems 
with an oil industry-linked subsid- 
iary in Houston. The aircraft sub-di- 
visioo is set to turn a 1985 loss into 
a profit this year though sales will 
remain below the 1082-84 average. 

In the consumer-goods field, the 
Bally shoe group expects a slight 
decline in profits owing to reloca- 
tion for environmental reasons of a 
Brazilian chemicals unit and des- 
pite a small overall rise in turnover. 
Results should ‘remain satisfacto- 
ry” in the textiles sector. 


500,000 Warrants to Purchase 8% U.S. Treasury Notes 

due February 15, 1989 


Each Warrant entitles the holder thereof to purchase SI ,000 in principal amount of 
8% United States Treasury Notes due February 15, 1989. 


Salomon Brothers International Limited 


LONDON: One Angel Court, London, EC2R 7HS. England 
NEW YORK: Salomon Brothers Inc. One New York Plaza, New 'fork. NY 1 0004 
TOKYO: Salomon Brothers Asia Limited. FuRoku Seimei SWg., 2-2 Utfiisaiwai-cho. 2-chome 
Chiyoda-ku. Tokyo 100, Japan 

ZURICH: Salomon Brothers Inc, Staddhoferstrasse 22, 8024 Zurich, Switzerland 


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o: 



INTL. COMPANIES &F0®.N€3t 




.■»vo»v ~if ’*i •■frftrx'zyj = -fe'_ 


--CfJ 5 .-." 


J>iis anoounfwwni appears at a maUtr of record onJy. 


Laidlaw raises 
Mayflower bid 


*ft-. T 


^Signal 


ALLIED-SIGNAL INC. 

( Incorporated with limited liability in the State of Delaware, U.S.A.) 

U.S.$100, 000,000 

8% Bonds Due May 15, 2006 


LAIDLAW Transportation, the Ca- 
nadian school bus and waste man- 
agement group, has increased its 
US£216m, or S28 a share, cash ten- 
der nffpr for all the common shares 
of the Mayflower group to 
U5S29.25, air Ffrumdai Staff 
writes. 

Laidlaw said the new offer, which 
values the Indiana furniture mover 
at US$255m, has been increased be- 
cause of the price levels of trading 
in Mayflower shares since Laid- 
law’s original offer last week. 

Laidlaw said its offer is condition- 
al, among other things, on receiving 
a minimum of 3,300,000 common 
shares of Mayflower 


vnt^.vjv ■■■•r-.’Stf $*’£16 

w fi mi'B - ‘ % f 



BY BERNARD. SIMON IN TORONTO 


MASSEr-FESGUSON, the Canadk Tordafak Me * 





as a financialfy tzxwWed .company .. , 


d^endent on the term equipment.. ^ sto-SSE WiW-- *p&k**$**ifo-\** 1 

effect after next month's annual m r ' ceK \ . •- ■ computer-- - .. \ . . ■: 7*y 

meeting, will apply io the parent The- name change comes less Masiej^ls -..ttev second -ifev'lf Y 

company bat not to individual prod- thaaaweek after amqifetipntrfalig-^ h&fa 



thus retain their present identity. pany in wind) it ha^al.miniqE^ r year after seCEng tits, j 

Announcing; the change in teresLlnits new form, the comps- : ment^diy i ^p n 


Issue Price: 99V X % 

(plus accrued interest, if any, from May 15, 1986) 


Mitsui Finance International Limited 


Goldman Sachs Internationa] Corp. 


Bank Leu International Ltd 
Dai-Ichi Kangyo International Limited 
Dresdner Bank Aktiengesellschaft 
Kidder, Peabody International Limited 
Mitsubishi Finance International Limited 
The Nikko Securities Co., (Europe) Ltd. 


Commerzbank Aktiengesellschaft 
Daiwa Europe Limited 
Fuji International Finance Limited 
LTCB International Limited 
Mitsui Trust Bank (Europe) SA 
Orion Royal Bank Limited 


Socftte Generate 


Yamaich! International (Europe) Limited 


May 1986. 


‘ : ~ T. V -V- :: 


An of these securities have been sold This announcement 'appeafe to aiiiibttefTOf 


? '-T ’ fi. 

# -/ ;>V ; : *: y \ 


M 







2,000,000 Shares 






Common Stock 





I .r J ■ 








L F. ROTHSCHILD, UNTERBERG r TOWBIN, INC. 


• =r> 


V 




i--. VOr 


• ' V-* 


• ’ ?.■' ' 


• 




9 


Ireland 


£50,000,000 
Floating Rate Notes 1993 


In accordance with the provisions 
of the Notes, notice is hereby given 
that the jsuc of interest for the 
three months period 14th May, 
1986 to 14th August, 1986 has bent 
feed at lQFV&a per cent, per annum. 
Coupon No. 11 wffl therefore be 
payable at £657.71 per coupon 
from 14th August, 1986. 

S. G. Warburg & Co. Ltd. 

Agent Bant 


New Issue 



U.S. $200,000,006 

First Chicago 
Corporation 

Floating Rate 
Subordinated Notes 
due 1992 


In accordance with the pro- 
visions of the Notes notice Is 
hereby given that the Rate of 
Interest for the next interest 
Period has been feted at 
7.10% per annum. 


The Coupon Amount payable on 
the 19th August, 1986 will be 
USS 181.44. 


Manufacturers Hanover limited 
Agent Bank 





- S’ 






New Zealand 




- . >»• 


3rii . V 




Floating Rate Notes 1997 


In accordance with the provisions of the Notes, jiofice is 
hereby given that, for the three months period, 14thMay, 1986 
to 14th August, 1986, the Notes will bear interest at the rate of- 
lOVt per cent, per annum. Coupon No. 4 will therefore be ^ 
payable on 14th August, 1986 at £1291.78 pec coupon from. \ 
Notes of £50,000 nominal and £129.18 per coupon fromNbtes’ 
of £5,000 nominal. 


KG. Warburg & Go. Ltd. 

Agent Bank 


■ss - 

■ i.’. * 

£. VA 


•*. ?> v 


.> - ’ v 




■r« 


C-5- 


NZ $100,000,000 


Monsanto Company 


16.45% New Zealand Dollar Notes Due May 1, 1989 


Bear, Steams & Co. Inc. 


The First Boston Corporation Goldman, Sachs & Co. Merrill Lynch Capital Markets 

Morganftaniey&Co. Prudential- Bache Salomon Brothers Inc Shearson Lehman Brothers Inc. 

NcuntlQ 


April 1986 


New Issue 


This announcement appears as a matter of record only 


April 1986 



OKG AKTIEBOLAG 


(Incorporated in Sweden with limited liability) 


Danish Kroner 250,000,000 
8 3 A per cent. Notes 1992 

Issue Price 100 per cent. 


Svenska Handelsbanken Group Copenhagen Handeblyank A/S 


Enskilda Securities 

SkmHainska Enskikbi UmitMi 


Algemenc Bank Nederiand N.V. 

Banqne Intemationale a Lnxranboarg S JL 
Berliner Handels- tmd Frankfurter Bank 
Credit Coomerdal de France 
Da Danske Bank 

Deutsche Bank Capital Markets Limited 
Generate Bank 

Handels Bank N.W. (Overseas) Limited 
Manufacturers Hanover Limited 
Morgan Guaranty Ltd 
Nomura International Limited 
Post- och Kredithanken, PKbanken 
Soctet^ Generate 
S wed Bank 


Banqne Bruxelles Lambert SA. 
Banqne Paribas Capital Markets limited 
Commerzbank Aktiengesellschaft 
Credit Suisse First Boston Limited 
Den norske Creditbank 
Dresdner Bank Aktiengesdischaft 
Hambros Bank Limited 
Kredietbank International Group 
Merrill Lynch Capital Markets 
Morgan Stanley International 
Nord banka 
Priratbanken A/S 
. Sparekassen SDS 
Union Bank of Fintend Ltd 


Westdentsdbe Landesbank 
Girozentrale 


yi:*; . . 


v..._ 


• 




,v« ’ 


i v. < 

? ^-v .; ^ 




^ ■ 






V:*S£> 





23 



% 




Financial Times Friday May 16 1B86 

INTI . COMPANIES 







4 


land 


:c£ is-i 


£ 


»>'R* 

n % 


iff 






S--* '. *-■ ^ ’ 


•fS • 


.► t a . 

W: 




.1 ' -’ • 

»-i* .. 1 ' .V 

, !*• > »• ' 




•*&* j t 

,*- v ; .-7 s 


Cardan 


may repay 
up to 24% 
of claims 


*y Our RamcM Staff 


CREDITORS of CarrUn 
Investments, the Hbof Kong 
property a id shipping eoxn- 
^pasy which collapsed in 
1983, may recover as much 
as- 24 per cent of the 
BK$2.7bn (U S?345.6 iq) out- 
standing eiatm^ apin^f the 
group. 

■ This emerged in a letter to 
- creditors from Carrion's 
liquidators, summarising pro- 
' gress In recovering funds and 
assets which they now esti- 
mate to total HK$647ra. 

• The court-appointed liquida- 
tors also disclosed that they 
had filed a writ last Decem- 
ber accusing Price Water- 
bonse, die accounting firm 
which acted as auditors to 
Carrion* of negligence and 
breach of doty. 

Two former employees of 
Price Waterhouse are stand- 
ing trial in Hong Kong on 
charges of conspiracy to 
defraud- A partner In the 
firm said, however, that It 
had not yet been served with 
the writ, which he viewed as 
"only to Keep their options 
open.” 


Hill Samuel takes 
action against brokers 


H11IJ. SAMUEL M^wlnnil 
Bank Asia said tt had sued 
four Singapore stockbroking 
bosses exposed to forward 
contracts for a total of 
914m (US$6. 32m), Renter 

reports from Singapore. 

The four axe Associated 
Asian Securities, City Securi- 
ties, Um and and 

Tsang & Ong. 

Mr Nick wman, managing 
director, said the hanir is 
making a S$26m provision for 
possible losses after stock 
market problems foDowing 
the Pan-Electric liquidation. 


Cathay Pacific dealings 
test Hong Kong Exchange 


BY DAYS) DQPWBJ- IN HONG KONG 


THE CAPABILITIES of Hong 
Kong's new, fully computerised, 
unified stock exchange were pot 
to the test yestexday as hectic 
first-day dealings in Cathay 
Pacific Airways resulted In one 
of the heaviest trading sessions 
on record. 

A total of 85m Cathay shares 
were traded — worth HK$446m 
(US$57 .lm) and accounting for 
more than half of the HK$816m 
volume. With 397m Cathay 
shares currently tradable, one 
in five of the available shares 
changed hands. 

The rest of the market wilted, 
however, with the Hang Seng 


index, the main indicator, fall- 
ing 26.51 to 1,794.17. Dealers 
suggested that the weight of 
dealing in Cathay shares — 
which are not yet a component 
of the index— meant that com- 
1 paradvely small business in 
other blue chips was able to 
influence prices more strongly 
than usual. 

The Cathay Pacific flotation— 
of 15 per cent of the airline's 
share capital, and worth 
HK$1.54bn — was the largest 
ever mounted in Hong Kong. 
The issue was nevertheless 32 
: time s oversubscribed, attracting 
HKSS2bn. 


This drain of almost three 
times the total of notes and 
coin in issue in Hong Kong put 
extraordinary strains on the 
domestic banking system and 
has seriously disrupted inter- 
bank interest rates over the 
past two weeks. 

Cathay shares were offered 
at HKS3.8B a share, but deal 
ings opened yesterday at 
HKS5.10 and rose rapidly to 
HKS5.30 before ending the day 
at HKS5.20. This closing price 
provided many immediate sell- 
ers with a profit of more than 
30 per cent their original in- 
vestment. 


Westpac growth held in check 


BY LACHLAN DRUMMOND IN SYDNEY 


WESTPAC Banking Corpora- 
tion. Australia's largest com- 
mercial bank, suffered a narrow- 
ing of interest margins and a 
decline in growth for non- 
interest income in its half- 
year to March, with net earn- 
ings emerging only 5.8 per 
cent higher at A9196.1m 
(US$139. 5m) compared with 
A$185.4m- , , 

The bank warned that this 
performance is unlikely to be 
sustained on a full-year basis 
because of rising cost pressures 


and uncertainties in the 
interest rate structure. Earn- 
ings for its last full year 
totalled A$388m. 

The bank also revealed it ex- 
pected to pay a total of £67.5m 
($103. 9m) for the interests of 
Johnson Matihey Bankers which 
it is purchasing in the UK. 
This would include a £17-5m 

goodwill payment 
Group revenue rose 30 per 
cent to A$3.64bn while interest 
costs jumped 40 per cent to 


A$2-27bn. Non-interest operat- 
ing costs. Including deprecia- 
tion, climbed 19 per cent to 
A91-03bo. This left pre-tax pro- 
fits 2 per cent higher at 
A$345.4m. 

The interim dividend is up 
from 13 cents to 14 cents a 
share on increased capital 
drawn from earnings per share 
of 38.8 cents compared with 
45^J cents unadjusted, or 36.9 
cents adjusted for last year'6 
{rights issue. 


Kyocera suffers first fall in eight years 

aminat- industrv recession which 


KYOCERA, the leading; 
Japanese maker of integrated 
circuit ceramic packages, 
suffered a 45.8 per cent fall in 
parent company pre-tax profits 
to Y39.27bn ($240.4m) in the 
year to March, its first year-to- 
year fall in eight years, writes 

Yeko SWbata in Tokyo. 

The decline waa attributed to 
the microchip recession and the 


■yen’s steep appreciation a gains t- 
the dollar. 

Net profits fell 38.5 per cent 
to Yl9.43bn, on turnover of 
Y246.66bn, down 12.9 per cent 1 
Earning per share dropped to 
Y129.53 from Y210.75. 

Sales of semi conductor com: 
oonents declined by 33 per cent 
to contribute 322 per cent to 
turnover affected by the work! 


industry recession which is 
believed to have bottomed out 
in the third quarter. Electronics 
components held up reasonably 
well, with sales firming by 0.5 
per cent. 

The company announced 
yesterday that it Is to cut 
bonuses for its directors by 33 
per cent and reduce board 
salaries 


Pioneer Electronic 

back in the Mack 
PIONEER ELECTRONIC, the 
Japanese maker of audio 
. T equipment, produced consoH- 
' dated net profits of Y225bn 
- ($14 Am) in the first half to 
March, a tumrotmd from a 
YS90m deficit, writes Yoke 
Shibata in Tokyo. 

■ The negative impact from 
the yen’s appreciation was 

offset by atrahg*tifick of Veer 
products metaling compact 
disc players and video eqnlp- 
: menu • Overall sales, « 

■. Y18024tm, up 82 pet ‘ctnir* 
'They reflect ^parent company 

pre-tax profits of YMfBm, 
;®p 1462 per cent. Pioneer 


Rennert dives into loss 

BY JIM JONES M JOHANNESBURG 

SUBSTANTIAL CUTS in capital ($186 Jm) in the.. 5 *? 


spending by South Africa’s 
state-owned Industries severely 
affected the first-half profit per- 
formance of Reu ner t, the Bar- 
low Rand Group’s electronics, 
telecommunications and electri- 
cal equipment arm. 

». The ^directors' "believe second- 

half results, wflli.be better, but 
warn that an attributable loss 
suffered in the first six months 
witt hot be recouped. m 
T urnover rose to R4042m 


to March from R391.9m follow- 
ing losses by two electrical 
engineering divisions, the 
interim pre-tax loss was RS.Bm 
against profits of RlO-Sm. 

One of the electrical engin- 
eering divisions has been closed 

An interiftf Ibsf of 25 74 cents 
a share was suffered against 
earnings- of 18.6 cents. A divi- 
dend has not been decided. 
Last year an interim .dividend 
of 10 cents was paid 


JAPANESE COMPANY RESULTS 



US' opera tloas .and "'deficits 
there were reduced- - 

MAKJNO MIUJNQ MACHINE 

MACHINE TOOLS | 

NISSIN FOOD PRODUCTS 

PROCESSED FOODS 


i ■ ■- 

■: Year w • 

Mw lS Mar ■« 

Yaar to 

Mar ob mar oa 
Y Y 

X\.i 

:""2i 

iris: 

: rPalabora Mining ; . 
^increases dniflcnd ... 
palaboka MINING, flw 
South African copper pro- 
ducer in the Rio linto-Zmc 

. RaywiM (bn) 

Pre-tax profits (bn) ... 
Net* profits (bn) 

-5607 

6.81 

3.11 

G0J8 

6^7 

3JB 

Raven ua (bn) • 

Pis-tax profits (bn) ... 
Nat proflta (bn) 

148 

16S8 

7S8 

74.74 

140 

1561 

7.60 

73.79 


Nat per stasia 

Dhridand — 

PARSVT COMPANY 

11 

11 

Dividend — 

PARENT COMPANY 

22 

22 


MITSm ICAL ESTATE DewaOPMBfT 
PHOPERTV 

YASKAWA ELECTRIC 

INDUSTRIAL MOTORS 


eroup, is raising its -first 

Quarterly dtvMend for " 1906 

.Yaar to 

Mar 'Ml 

Y 
279 
24.24 
. 11.73 
. 72M 
B 

Mm 15 
Y 

Year n 

Mar VB 
Y 

112 

Y 

112 


to 30 cents <9p). Thto 
paxes with 20 cents for the 
. same quarter of 1985 wtan 
the year’s total reached 
186 cents. 

Rwwiua (bn) — 

Prs-ttx profit* (bn) ... 
Nat profits (bn) — 
Nat -par ttaars 

• 1M3 
8.19 
21.73 

8 

Pre-tax profits (bn) .. 

Nat profits (bn) 

Nat por shara 

Dividend 

2-90 

3.28 

15.38 

6J0 

4.32 

1.76 

8.30 

5.50 

— ^ 

PARENT COMPANY 


PARENT COMPANY 

' 



SAMSUNG ELECTRONICS CO., LTD. 


notice to the holdeis of USSOyOOQOOO 5 percent coraertible bonds 2fl0a 
NOTICE is HEREBY GIVEN TO THE HOLDERS OF ABOVE _BONDS 


THAT- the Board of Directors Meeting of the Company; held on May 2, 
1986 resolved to issue NEW SHARES under the fblloywng terms and 
ronditions: 

1 Ftorm and Number * shares: 20000000 ordinary shares in 
registered form. 

■ a ^fi^ip^Odwres (50%); torbe allocated at par of SWKbrean 


Won 


(2) 10,000,000 shares (50%); to be allocated at the price of 1,100 

Korean V\fon 


‘53S33 ssssssasssrss 


jJ ^^;1986 SlStOO in the proportion of 0.16363636 share per one 

shark- - 

4. StibaaipBon Period: June 27, 1966- June SB, 1966 

5. payment Date: June 3ft 19®> \ 

: * ^ 136 CfeP0Sed ^ 

Bondholders should Cortfact the Trustee far the further irtformation. 

gSawsuiMCi 

Electronics/ 



AW 


AT&T has established a controlling interest in 

AT&T Microelectronica de Espaha, S.A., 
a new Joint venture with 

Compama Telefonica Nacional de Espaha , S.A. 


The undersigned acted as financial advisor to 
AT&T in this transaction. 


Morgan Guaranty Trust Company of New York 


SI 

101 


Op 

s 

ni 

r 

in 


pn 

If 

R.‘ 

mi 

y 

a 

ti< 

a: 

gl 

an 




name 



Because Borland International fs one of the biggest micro- 
computer software companies in the mid. 

And because we're the company that brought Sidekick*, 
Reflex The Analyst*, Turbo Pascal*, Turbo Prolog 
and 8 other software products from the 

gave us your prestigious British Micro Awards for Sidekick and Reflex 

The Analyst- and we're grateful for that recognition). 

Wre currently offering 14 different microcomputer sofmre 
products in the UK. Given our growth rate, new product plans, our 
technical excellence, pricing and marketing strategies, wcan^m 
us to become one of foe best-known names in the UK software inousuy 
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for more information, please telephone 01-821 1566. 




interna t i o n a l 

A name worth remembering 


□urUKOtstrifautaifs incHide:Saftsel (01| 568 8866, P & P Micro DisJribttfMS (0706)217744, Ator {041) 
2284211 , and first Software (0256) 483344. 



BMb^vn**** tab* Whs™ 

product names are registered tredeoaks of Bortaod InteraaMorfL 





INTERNATIONAL COMPANIES and 


FRENCH FINANCIAL DEREGULATION 



BaUadur attacks high interest rates 


BY DAVID MARSH IN PARIS 


THE SERIES of financial 
measures announced yesterday 
by Mr Edouard Balladur, the 
French Finance Minister, Is 
designed to allow the benefits 
of lower French inflation to be 
passed on as effectively as 
possible in the form of lower 
interest rates for industrial and 
personal borrowers. 

Over-regulated and compart- 
mental ised financial markets. 

and a top-heavy hanking system, 

are now recognised in France 
as representing clear barriers 
to the modernisation of the 
economy. 

Mr Bahadur's Socialist pre- 
decessor, Mr Pierre Beregovoy, 
adopted a piecemeal approach, 
chipping away gradually at 
over-regulation. This included 
praiseworthy moves to bring 
in innovative instruments to 
improve the workings OF the 
Paris markets. 

In deciding further deregu- 
latory measures, along with a 
general lowering of interest 
rates, Mr Bahadur has decided 
that a more global presentation 
is needed. 

However, the strategy and 
the cumber of potential 
obstacles which still lie ahead 
af more thoroughgoing deregu- 
lation remain the same. 

Government officials and 
senior bankers agree that the 
fragile earnings structure of the 
big retail banks represents the 


biggest of these hurdles. 

Thanks to more innovative 
treasury management and also 
the start-up of a commercial 
paper market In Paris last 
December (five months before 
the Introduction of a similar 
market in London), big French 
companies can now raise funds 
at close to money market rates. 

But the big banks have been 
very slow in bringing down 
their base lending rates in line 
with the sharp fail In French 
inflation over the past three 
years. The 0.5 point out in 
base rates to 9.6 per cent 
sparked off by Societe 
Generale on Wednesday com- 
pares with an inflation rate of 
2.5 per cent 

The Government has 
prodded the banks into the 
latest base rate reduction — the 
second since the March 16 elec- 
tion — by lowering administered 
savings interest rates by 1.5 
points, reducing the rate on 
main deposit accounts to 4.5 per 
cent Following the sharp fall 
in capital market yields, these 
accounts have lately been offer- 
ing depositors over-generous 
terms similar to yields on 
government bonds. 

The cut has reduced costs 
on the liabilities side of banks’ 
balance sheets but the main 
factor keeping credit costs high 
is the size and inefficiency of 
the banks’ retail banking net- 
works, the running of which 


absorbs about 7 to 8 per cent of 
total deposits. 

Mr BaUadur has taken a con- 
spicuous step in opening up 
these networks to more com- 
petition through abolishing the 


France 


Base rate 


Intervention 
I rate 1 


I Jm Feta Mar Apr ftUy I 

■ -■ . PS I 

out-dated requirement that the 
opening, closing or transfer of 
branches be subject to govern- 
ment authorisation. 

The banks are anxious to in- 
crease their profits to accom- 
pany their gradual return to the 
private sector under the conser- 
vatives' denationalisation pro- 


gramme. But they are likely to | 
continue to be very cautious 
about shedding staff. They have 
signalled however the hanging 
in of charges for cheque 
accounts at the end of the year 

a move which will be unpopular 

with personal account holders 

On the financial market side, 
Mr Balladur has decided to 
lower to three months (from 
next month) and eventually to 
10 days (from March 1987) the 
minimum maturity of certifi- 
cates of deposit issued by banks. 
Companies will be able to issue 
commercial paper with a maxi- 
mum maturity of two years from 
□ext month, compared with six 
months at present. 

Banks will be able to fix 
freely interest rates on term 
deposits of more than three . 

months — another move to allow 1 
interest rates to be set by com- ' 
petiti ve pressures. 

Additionally, Mr Balladur has 
announced that the encadre- 
ment system of credit ceilings . 
regulating banks’ loan expan- 
sion will be phased out at the 
end of the year. Mr Beregovoy 
prematurely announced that tbe 
system bad been buried at end- 
1984. although the new control 
mechanism replacing it was 
similar to the old. The Govern- 
ment now recognises that, with 
French interest rates being set 
increasingly by tbe market 
there is no place for qualitative 
credit control. 


Greater freedom for capital movements 


BY PAUL BETTS IN PARIS 


SUBSTANTIAL as the new 
French foreign exchange 
liberalisation measures an- 
nounced yesterday may be, they 
do not constitute a general lift- 
ing of controls. French bankers 
and industrialists were quick to 
emphasise yesterday that many 
restrictions remain, although 
they welcomed the conservative 
Government’s latest measures. 

Some of tbe main steps an- 
nounced by Mr Edouard Balla- 
dur. had long been expected 
and, according to bankers and 
businessmen, probably would 
have been taken much sooner 
if the right-wing parties had 
won a more comfortable 
majority. 

“The measures adopted yes- 
terday seem to form part of 
the general process of exchange 
control and financial liberalisa- 
tion following the recent de- 
valuation of the French franc," 
said one banker. “ In any case, 


although the current Govern- 
ment probably would not like 
it said, they are also a continua- 
tion of the foreign exchange 
and financial market liberalisa- 
tion started under the previous 
socialist Government" 

Among the most spectacular 
measures taken yesterday, was 
the lifting of the foreign ex- 
change premium — the so- 
called devise titre — for pur- 
chases by French residents of 
shares and bonds quoted on 
foreign markets. Yet the lift- 
ing of this restriction had long 
been expected, even under the 
previous Socialist administra- 
tion which reintroduced it in 
1981 during its currency sup- 
port package. 

The second spectacular 
measure announced by Mr 
Balladur was the lifting of 
restrictions on purchases by 
individuals of secondary resi- 
dences. such as holiday homes. 


abroad. At the same time 
French citizens will now be able 
to transfer their capital funds 
when they settle abroad as 
well as being able to make 
donations and gifts to non- 
residents. 

The lifting of tbe restrictions 
was seen as largely a political 
move on the part of tbe gover- 
ment to conform itself to the 
EEC rules on the free move- 
ment of capital. In practice, 
however, these measures, like 
the abolition of the devise titre 
are unlikely to have a major 
financial impact. 

In tbe case of the freedom 
to buy second homes abroad, 
bankers point out that tbe 
restrictions in acquiring real 
estate for investment and let- 
ting purposes remain. 

Restrictions on French invest- 
ment abroad remain in place, 
as well as on French residents 
opening bank accounts abroad. 


French residents cannot open 
such bank accounts without 
prior permission from the 
authorities. 

As for the devise titre, the 
impact is expected to be fairly 
limited since the foreign cur- 
rency premium had almost 
disappeared during recent 
months. 

Restrictions on French currency 
lending to non-residents also 
remain in place, thus maintain- 
ing official control of tbe French 
franc domestic market along- 
side the unregulated Eurofranc 
bond market. 

Apart from tbe lifting of 
certain restrictions on capital 
flows, the other principal 
measures announced by the 
government yesterday involve a 
further easing of foreign 
exchange restrictions for cor- 
porate treasuries to boost tbe 
competitiveness of French busi- 
nesses 


NEW ISSUE 


These Bonds having been sold, this anhomument appears as a matter.of record only. 


U.S. $75,000,000 


MAY 1986 


'PEARSON* 

Pearson pic 

(Incorporated with limited liability in England) 


b 3 A% Convertible Bonds Due 2001 


Lazard Brothers & Co., limited 
County Bank Limited 


Cazenove & Co. 


'Enskilda Securities 

gframlina rafcg fadiMa I jrabifi 

Salomon Brothers Internationa] Limited 


Credit Suisse First Boston limited 


Lazard Frferes et Cie 


Deutsche Bank Capita] Markets limited 
Nomura International limited 
Swiss Bank Corporation International Limited 


S. G. Warburg & Co. Ltd. 


AJgemene Book Nederland N. V. 
Banca della Svizzera Italiana 
Banque BrnxeDes Lambert S.A. 


Jnlhg Baer International 


Banfa (T nmmcr riafa* TtaBami 


Banca del Gottardo 


Bank Leu International Ltd. 
Banque Indosnez 


Bank J. Vootobd & Co. AG 


Banque Nationalede Paris 


Markets 


Banque Privfe S.A. 


Compagnie de Banque et dlnvesfesemenfs, CBI 


Banque Scandinave en Suisse 
Credit Commercial de France 


Commerzbank 
A I Hrngr w Itor huff. 

Cr&fit Lyonnais 


Dahra Europe Dresdner Bank BBC Amro Bank 

I imilgrf Limited 

Hentsch & Cie Kkinwort, Benson 


Fin ter Bank 

Zurich 


Geoossettschaft&die Zeotralbank AG 


Lombard Odier International Underwriters S.A. 


Morgan GrenfeO & Co. 

The Nikko Securities Co., (Europe) Ltd. 
Shearson Lehman Brothers International 
Sumitomo Finance International 


Vereins- und Westbank 
AkfkngeMlIsdiift 


Morgan Guaranty Ltd 


Orion Royal Bank 
limited 

Societe Generale 


WestdeotscheLandesbank 

GinB c n iH i r 


Morgan Stanley International 
Pktet International Ltd 


Standard Chartered Merchant Bank 
Union Bank of Switzerland (Securities) 

1 III lital t 

Yamaichi Inter na tional (Europe) 



Warrants 
with a twist 
for Bank of 
Nova Scotia 

By Peter M ontagnoa, Eu r omark et s 
Correspo nd en t 

A NEW TWIST to the' war- 
rant concept was introduced 
to the Euromarkets yesterday, 
whea Morgan Stanley 
launched a series of warrants 
to sell a $I50m, five-year issue 
it was leading for Bank of 
Nova Scotia. 

On offer were 120.000 
warrants priced at $12 apiece 
and bearing interest at 72 per 
cent, the same rate as that on 
the host bond. They can be 
used to sen the bond back to 
the borrower at a price of 
98} per cent on Jane 30, 
1989. 

The idea is that the value of 
the warrants should rise as 
tbe market goes down, giving 
those investors who feel the 
fall in interest rates has run 
its course a chance to hedge 
their positions. 

Until now warrant issues 
have generally allowed inves- 
tors to purchase more paper 
at a guaranteed return, giving 
them protection against fel- 
ling yields. 

In what could be on 
ominous portent of things to 
come, tbe warrants actually 
proved more popular than 
the host bond yesterday. As 
bond prices slid following the 
latest US industrial produc- 
tion figures, the warrants 
rose to around $14, while the 
host bond slipped outside its 
1} per cent fees. 

The structure is in essence 
what the bond market calls 
a securities put option, pro- 
viding additional proceeds to 
tbe borrower that reduce its 
overall costs fay some 20 to 
25 basis points. 

Theoretically that sort of 
structure could create a 
lucrative swap opportunity, i 
but there is one drawback. 
Because it cannot be certain 
how many warrant holders 
will exercise their options. 
Bank of Nova Scotia cannot i 
work out the precise maturity 
of its new deaL That makes 
swapping into floating rate 
currency harder, and market 
speculation was that no swap 
is attached to this particular 
bond. 

European 
reshuffle for 
First Chicago 

By David 

Banking Correspondent '■ 

FIRST CHICAGO is to re- 
shape its European, Middle 
East and African activities 
into a single, entity covering 
trading, commercial banking, 
investment banking and oper- 
ations. 

Though headquartered in 
London, tbe operation will 
treat Europe as a single mar- 
ket according to Mr George 
Davis, executive vice-presi- 
dent and senior partner of the 
group’s global corporate bank. 

The changes mark a further 
step in the Chicago-based 
bank’s plans to merge its com- 
mercial and investment bank- 
ing activities to match the 
growing trend towards securi- 
ties finance in tbe banking 
business. Last month. First 
Chicago announced a similar 
restructuring in the US. 

The European operation 
will be run by a nine-man 
council of partners headed by 
Hr Ian Schmiegelow and Mr 
AJan Delp, which is intended 
to flatten out the hierarchy of 
responsibility. Mr Schmiege- 
low joined First Chicago from 
Hambros last year and car- 
ried out the study which led 
to the changes. 

Hr Davies said the bank’s 
emphasis would still remain 
very much on the industrial 
market, with the stress on 
new forms of financial inter- 
mediation. 


meets a 


f. _ 




Dutch moot 
option link 
with London 

By Laura Raun in Amsterdam 

THE EUROPEAN Options 
Exchange (EOE) has pro- 
posed to the London Stock Ex- 
change joint development of 
an option contract on a bas- 
ket of European stocks that 
would be priced in European 
Currency Units (ECUs). 

Sueh an option on a Euro- 
pean stock index would 
forge an international link 
between the Amsterdam-based 
EOE and its closest rival, the 
London Stock Exchange’s 
traded options. Both have 
been in the vanguard of in- 
ternational link-ups for global 
trading. 

The EOE also is consider- 
ing launching options on 
Japanese shares that are to 
be traded on tbe Amsterdam 
Stock Exchange and priced 
in yen in that exchange’s link 
with the Tokyo Stock Ex- 
change. 

Option contracts woudl be 
offered on three to five of the 
30 Japanese stocks to be 
listed in Amsterdam later thi» 
year, 

A new yefl-gnilder currency 
option also is under considera- 
tion to facilitate the trading 
of Japanese shares. 

The rapidly growing EOE 
more than doabled its profit 
to a record FI 18.46m 
(S7Jm) last year from FI 8m 
in 1984, the exchange an- 
nounced yesterday. Operating 
income advanced by 32 per 
cent to FI 41.36m. 


BY CLARE PEARSON " 

THE DOLLAR E urobo nd ' 
market traded ; .' nervously 
yesterday. St was depressed; 
by falls in prices Of US 
Treasury bonds fODpwing. the . 
0.2 per cent rise in US April 
industrial output. 

The $100m 12-year; bond for 
Emerson Electric of tbe _ US 
therefore met a cool reception. 

The uoTv-callable bond -earned; 
a coupon of 7} per-cent, aim 
was priced at 101$. Lead- 
manager IBJ International said, 
the bond was a bW at discount 
to issue price of 2 per cent out- - 
side the total fees of 2} per 
cent. 

DUrban, the Japanese mens 
wear company, issued a $40m 
equity warrants bond, led by 
Nikko Securities. The five-year, 
bond has an indicated coupon 
of 21 per cent and price of par. 
Final terms will be set on. May 
23. Warrants may be exercised 
from June this year anti! 'May. 
1991. 

The Tokyo equity bas traded 
nervously over the last . few 
days on worries about the yen/ 
dollar exchange rate.. Tims 
D "Urban’s new issue met a less. ; 
enthusiastim reception - than 
other recent Japanese equity- 
related bonds. The lead- 
manager quoted a bid price of 
99 i. Other recent -equity- 
related bonds for Japanese 
companies have traded rapidly 
over par. 

Diesel Kiki's recent equity 
warrants bond, was priced today 
with a coupon of 2} .per cent: 
The exercise price on the war- _ 
rants was set at YB44. repre- 
senting a 2} per cent premium 
over the dosing shares price. 


• -. l /A' v r -v J. 


^etnwtutBeiBan’'ltadDdied-: -gf - 

a ,$2fen^^convwtibIe- ^.fjnlaadV- ■bqaiLf. f ... * *•_ _ 

Alex -Ilrawn^Bte^JS tovestbient,^ ? 
hank. " ; Final- terms;' -todas^ j - ; 

fixed ; btd5?.tbg v^ntarke(L jiowy 4>y : . a b o u t i p® , 

indicated coupon is 

The coirrersiOtti-inTimEQm- f.ts qSfer^resfiSifflve ■ Mldepfed ' la 

cenLThe sfaarwtraded ^y eater-' *: ; ' 

day at around gsi. \Trhe? lea<£- ^launched' ■ “ 200m '15-jear 

manager said the. , band ;wai ; bond * fdr; vYqr$iirire ? 
r trading; - at ’Monad • htgr-iamc - of’ 

* n Nomura : Intexn itiben itf ■ 'St- 

launched ' a. Treasury/^ , 

bond the - redemption aracgmt . manager. ; said-- a was - quoted - 
o£ ; which 5s hnfe^ t» the US' ; : v* £ eU Wf&Sr^tbe fees, but ^the v 
Treasury ‘ bond 2Q18, Nosmint . bond*, wa^Jaiaehed:, teoXate in 
has arranged a" 'spate . iff 

recently.' The $100m Vthree-_ ' 

year! bond is . for the ^ South Commercial' TJmon,- insure 

Australian Government ; FSnanc-‘ - Bhcef jcompahyi^is tapping the ? 


-lug Authority (Sagfah As with ■ Continental^ markets, with a : 
tile' previous -Treasury ■ Inder SET ' 26081^ w&rrant 
bonds; redemption wifi be 'at i deal.;-, Han d el afraak * .will ~ be 
par if the yield on! the. Tree- loading .bea3d7 -‘ It _ is' 
sury bond at maturity is- 7.M; expected r tov have ', * : 14-year 
it wfll J be at less. than, par if maturity ^ of 

the yield is greater than 7 . 19 . betw^ 4} per cent ahd 4i per . 

and viee versa. . Nomura Inter— Tfie - exerds^ premium is. 
national said \ the bontF had- expected -to bfe^et at lO to 15 
been.weRjecetved by Japanese' per^ ~ • 
investors. — ; :,u ." ’■■fV.Vr ; " Swiss franc f -bi0ii3s_''weateiied 
. .Two Euroyen issues appeared,, by about'^ ipftr . cent-as shbrt- 
for Eurofixna, the Euriq^ean.-- term .- interest “ rates: ed^i 
railway financing agency, :and-‘ higher;' . v .’' . 

for the' Republic -of Finland. Late last jfight ; Nctemra; In- 
Maturities were seven and five tetnatltmal ^launched a -SlOChn. 
years; and coupons 5f ,per cent five- yea r. deferrod coupon, bond 
and ’ 5| per cent respectively. - for WestLB-JTbere. w^Tjc so 
IBJ International, wtiich led Interest during the first; three 
Euroflnxa’s deal, raid that the years, 32 percent in the fuartli 
nervous mood of the Euroyen ,year and fi pM'cent ln.-the fifth 
market bad Adverse!* affected and * final year. • Issue .price is 
the bond'd receptfon. ;. ■ Jt > lDOf per cent 


Euroclear earnings up by 28% 


BY DM DICKSON IN BRUSSELS 

EUROCLEAR, the Brussels- 
based clearing house for inter- 
nationally traded securities yes- 
terday announced 1985 net 
earnings up by 28 per cent to 
89.85m on gross income 43 per 
cent higher at |7L9m. The 
profit figure was reached after 
rebate payments to customers 
doubled from $7 An to 315.6m. 

Euroclear was started in 1968 
by Morgan Guaranty bat is now 


eeffctrvely owned by the mar- 
ket it se rves— its 124 ^institu- 
tional shareholders are' mostly 
among, the. 1^75. banks, ^ brokers 
and other financial institutions 
which nub up its client base. 

The company , has grown sig- 
nificantly since the early J970s 
but its growth has been par- 
ticularly rapid in the . last three . 
to four years . 

Since 1981 the directors have 


adopted a. policy , of rebating a 
proportion- of profits to share- 
holders, rather than lowering 
its . fees. . Last year, however, 
the- continued expansion of 
services encouraged them to 
reduce, and .simplify the charg- 
ing structure. -• 

The first four months of 1986 
show even stronger, growth 
than 1985 with turnover up. 67, 
per cent so far 


FT INTERNATIOIftAL BOND ^EIEVIPI^ 

Listed are the 200 latest intanuttional bonds fer whkh there M an adequate secabduiy market 

•* * -CSbsing prices on May 15 


STUUBHTS il 

Amoco Co. 91.16 

AUn. Bdrftett 101* 00 
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BSCapttttVh'M 

BPCte*talU<«VZ 

Can^M Sow 10b V5 — 
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THE PROPERTY ZVIARKET by wiluam cochrane 


investment INITIATIVES 

Overseas influences on the UK unitisation debate 


THE remarkable changes taking 

aeSnw“ l t>, Pr K Pe [ ly investmen t, 
against the background of the 

hf&^W were underscored 
“7 Sizer, a senior panne - 

.of Richard Ellis, last Friday 
wnen he dubbed it « the last of 
the unmodernised markets.** 
.Mr Sizer analysed both’ the 
size, and the changing structure 
of the market at the ISVa 
( incorporated Society of 
Valuers and Auctioneers) City 
conference. About £30bn of 
property is owned institutiou- 
aUy, he said, and approaching 
£6bn is lent by the banking 
sector to the property industry. 

As he understood it, fee 
income from the provision of 
property services, including 
residential co mmiss io ns , is 
estimated to total around £1.5bn 
a year. 

It has been evident for the 
past Are years that most invest- 
ing institutions, on their own, 
are unable to cope with the cost 
of funding a major City of 
London office development — 
sums of £75ra are getting to be 
Quite common— -a shopping 
centre or a big out-of-town 
business park. 

The Royal Institution of 
Chartered Surveyors has 
researched, and subsequently 
promoted the concept of single 
property unit trusts to break 
these big buildings into manage- 
able investment holdings; it 
was supported, in essence, by 
the conclusions of the more 
broadly disciplined City 
committee set up by John 
Berkshire of Mercantile House. 


Richard Ellis tael*. with 
County Bank, has recently 
promoted its own property 
investment vehicle, known as 
PINCs. But Mr Steer antici- 
pated more competition In the 
market from the City’s new 
financial conglomerates; and, 
on top of that he noted some 

foreign influences. 

*■ We are witnessing an 
increased involvement from 
the Americans and Japanese,” 
be said, “whose introduction 
of innovative methods of 
financing again trespass on to 
our traditional sphere of 
activity.” 

Now it just so happens that 
Jack Rodman, a Los Angeles 
partner of certified public 
accountants Kenneth Leventhal 
& Company, was in London 
and Edinburgh this week with 
the Los Angeles Trade and 
Investment Mission. 


American moves 


Mr Rodman was here, dearly, 
to sell Los Angeles in particular 
and US property investment in 
general. But bis description of 
what is happening in America 
suggests that the UK market has 
a long wav to go. 

“There is a whole new wave 
of investment activity taking 
place through the securitisation 
of our real estate markets." he 
said, “which is allowing corpor- 
ate America to tap previously 
unused sources of investment 
capital.” 

Mining companies, super- 
markets and railroads are all 
using new liquid assets, created 


from their property holdings; 
“defensively for working capital 
purposes, offensively for take- 
over strategies, or to improve a 
company's financial ratios in the 
eyes of the investment com- 
munity,'* according to Mr Rod- 
man. 

Over the past year, several 
financial instruments have come 
on (or returned) to the US 
property scene. These, first, 
offer the developer a way to re- 
pay medium term construction 
loans and get longer term fin- 
ance for a given development. 
Secondly, they offer something 
new to the investor. 

In the US. says Mr Rodman, 
they are all covered by the term 
"securitisation.” Four of the 
more popular types of invest- 
ment vehicle are: 

1 — real estate investment trusts 
(Reits). similar in their present 
form to the single property unit 
trusts promoted by the RICS 
and Barkshire; 

2 — commercial mortgage obliga- 
tions (CMOs) which are quoted 
medium to long term debt; 

3— publicly traded limited part- 
nership units, which seem 
similar to the Ellis/County 
Bank concept; and 

4 — mortgage backed securities, 
linked to the residential market 
and already promised to the UK 
consumer. 

Many Kelts went bad in the 
mid-1970s. Investors put up 
money for “blind funds”— 
those investing in unidentified 
development or Investment 
properties — and suffered from 
bad management. A number of 
Reits. however, bad good man- 


agement and survived the mid 
1970s with their reputations, 
and that of their management, 
actually enhanced by the chaos 
that went on around them. 

Either some people never 

learn, or There's a new one 
bom every minute. Jack 
Rodman, on the mid-1980s; 
“Over the past year, more than 
SJ.Obn (just under £2bn) has 
been raised for Reits. However 
the Reits, like other areas of 
real estate, have over-heated as 
a result of poor product and 
blind product funds hitting the 
market. . . 


Critical function 


Nobody is saying that the 
Reits are in the plcklc they 
were ten years ago. Property 
has also suffered by compari- 
son with Ordinary shares— the 
Dow Jones Industrial Average 
rising 50 per cent in a year. 
But their experience contains 
lessons for CJK promoters, and 
for their prospective investors. 

Chartered surveyors may be 
too gentlemanly to criticise each 
others’ products but if unitised 
property takes off in this 
country, there will be plenty of 
merchant bankers, stockbrokers 
and market commentators who 
will assume the critical func- 
tion. The product, or building, 
therefore, will have to be pretty 
good. 

Commercial mortgage obli- 
gations. meanwhile, are also big 
money; they can be quite 
interesting, too. in a period of 
falling long term interest rates. 

Jack Rodman quotes Olympia 


& York's 9200m CUO last 
December and Si 60m for Fisher 
Brothers, another major New 
York developer, which followed. 
Both were Euromarket issues, 
relatively highly rated as a 
consequence, but the O & Y 
bonds have still appreciated by 
10 per cent since their issue 
due to a 200 plus basis points 
drop In long term interest 
rates. 

The UK market is already on 
to this one. Indeed, with a 
combination of American and 
British skills, it has invented a 
few wrinkles of its own. 

First Interstate Capital Mar- 
kets. formerly the merchant 
banking arm in this country of 
Continental Illinois, recently 
devised a £25m Eurobond issue 
for Wares City of London 
Properties in tandem with an 
issue of warrants to subscribe 
for another £50rn. 

“There have been only three 
sterling Eurobond issues with 
warrants to date and Wales is 
the first property company,” 
said Mike Rosen, senior vice 
president of First Interstate in 
London this week. “We are 
talking to three or four others 
at the moment.'* 

Wares gets an initial £5m 
from the issue of the £25m, 
9} per cent stock on which 
20 per cent is payable next 
week. Another £20 m. in round 
figures, will come from the 
“ call ” when the remainder of 
the stock is paid up at this time 
next year. 

It has already raised £ljm 
from the sale of 25,000 warrants 


at £25 each. These could lead 
to the issue of £25m 9i per cent 
bonds by May 1888 and there 
are a further 25,000 warrants 
which could be issued at a 
higher price to produce £25m 
more. 


Greycoat upgrades 
its City office 


“The first warrant issue is 
already trading in the mid-SOs,” 
says Sir Posen. “They are so 
highly geared that a further 
one-point decline In interest 
rates would move them from 
£35 to about £60 ” For Wates, 
applying the proceeds to the 
cost of the issue, the effect 
could be a reduction in borrow- 
ing costs to about 9 per cent 
of £75m of debt, all of it 
unsecured. 


Hamburger deal 


Back in the US. the third 
category financing instrument 
has been taken up by Burger 
King, the fast food franchiser 
subsidiary of the NYSE-quoted 
PiUsbury Corporation and a 
direct competitor of the 
McDonalds chain. 

Burger King, says Mr Rod- 
man, raised S81.4m by spinning 
off a group of 115 restaurant 
sites to investors who leased 
them back to the store operators. 
The public came in for a mini- 
mum yield of 9.4 per cent. 

However, they were also in 
for a share of the turnover 
growth and the overall deal 
offered incoming buyers of the 
limited partnership units, with 
sales growth and tax benefits, 
a target overall rate of return 
of 174 P^r cent. 


IN A WEEK which has brought 
Peter Palumbo's Poultry 
scheme in front of the planners 
again, and taken Lloyds Bank 
south of the Thames, the 
appointment of City-based Peter 
Thornton as joint managing 
director of Greycoat under- 
lines the City of London's 
pivotal importance in the 
property development busi- 
ness, 

Ron Spinney, existing and 
now joint managing director 
under Geoffrey Wilson’s chair- 
man and chief executive, also 
becomes deputy chairman and 
Barry Cockerell remains assis- 
tant managing director with 
responsibility for the group's 
Investment portfolio. 

Messrs Spinney and Thornton 
are both development 
orientated, operating separately 
from offices in the West End, 
and the City respectively. “I 
did four major deals last year 
from the City office,” said Mr 
Thornton this week. “At least 
three of them would not have 
been possible from the West 
End.” 

Excluding major develop- 
ments already in progress — 
such as Finsbury Avenue Nos. 
n and m, where Greycoat it- 
self is involved with Rosehaugh, 
— 'Mr Thornton sees about five 
large sites available for the 
next phase of City office 
property growth. 

Greycoat is involved in four 
of them. At Cannon Strew 
station, which will certainly 
make more than 250.000 sq ft. 


it is on the shortlist; it is in for 

200.000 sq ft plus at the 
Ludgate Hill ** bomb site;” and 
** along with dozens of others ” 
it is tendering for the Boys* 
School site, John Carpenter 
Street, where in excess or 

350.000 sq ft is on the cards. 

Of the City market sites still 

available, Spitalfields on the 
east and Smithfield to the west. 
Greycoat is leaving the former 
to LET, and looking at the latter 
on a longer term basis. 

Meanwhile, along with the 
further phases of Finsbury 
Avenue, it has a sizeable cur- 
rent commitment in the re- 
development of Lutyens House, 
Finsbury Circus, behind its 
existing facade to make 300,000 
square feet gross. 

At £76ra, the funding for 
Lutyens House is the largest 
single building funding ever 
completed, says Mr Thorton -7 
“and, unlike some, we did it 
without having to give away any 
equity." 

• Mr Malcolm Savage, a 
director of St Martins Property, 
said yesterday that the Kuwaiti- 
owned developer is not going to 
broadcast the details of the 
Hay's Galleria deal with Lloyds 
Bank until it is signed, sealed 
and delivered. However the 
company is now actively looking 
at the design of London Bridge 
City, Phase 2. 

In addition to putting 1.100 
staff into 160,000 sq ft at Hay's, 
Lloyd's says it is negotiating to 
acquire a new site in the City 
to accommodate another 1,600. 


a Development by Mayfair&Gty Properties pic 




■'VJ-IVV' \ 





■ 9v ‘tv * * V . >»■/. .'.-f 'il. ■' 




2 PURLEY WAY 
, CROYDON 




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Freehold - 50,000 SqPt 
Industrial Buildings at the Rear 
Leasehold - 30.000 SqJFt 


URGENTLY REQUIRED 

Sites for 

Retail Warehoose Development 
2 to 10 Acres 

Adjoining major arterial roads 
All replies in strict confideoce to: 










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TO LET 

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8£00 sq. ft. approx. 


TeacherMarks 



Commercial Property Consultants 


■mi - iCN'-O. <v:k :'=K 
\ 2 : r.vf. ?e$so fiEiiti 


17/18 Old Bond Street, London W1X 3DA 
Tel: 01*493 1613 Telex: 28407 



56/62 Wilton Road, London SW1V1DH Tot 01-834 8454 

- LONDON MHCHEET6M UVEWOOL MWTOL — 


Harold Williams 

Banned* Partners 
96 PARK LANE. CROYDON CR9 2NL 

01-6863141 


STnT/.Tir. 

(joidsTiTitti 


V . .• 


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Contact: 
Margaret Ryme 


AUCTION SALE 

OF 

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M LOTS PRODUCING IN 
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Togather with a number of 
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Monday June 9 


Catalogues from: 
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71 South Audlay St. Mayfair. W1 
Tel: 01-493 8889 


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Teh (0734) 507346 


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TEL- 01-353 9344 


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Commercial Property 
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Appears every Friday 
for details 
Ring 01-248 0769 



Investments For Sale 


DUKE STREET, WT 


Superb self-contained office suite in 
attractive period building, 
consliting of 2 large rooms, 
•tore/filing room, own toilets and 
kitchen, shared reception and 
boardroom lac ill ties available If 
required. Rent £10,000 pa exclusive 

TELEPHONE: 01-488 5891 


Excellently located 


Havarmianary ahap and office tnveat- 
rnant. Nottingham City centra. 
50% retail. 50% offices. 

INITIAL YIELD 11.9% 


REVERSIONARY YIELD 15% plue 
Offers In excess of £200.000 


Write Box T8334, Financial Times. 
W Cannon Street, London EC4P 4BY 




Factories and 
Warehouses 


HITOfIM. HUMTINOAT* — Modem Ware- 
house. 17.00 M. ft. and presnoe oflVces, 


7.000 sg. it 63 nerttlnp spaces. Fre^ 
hold £760.000. Leaver Charles 01-936 


6501. 

BROMLEY — Freehold 21.000 *»- It. ware- 
house end ottce bulldlno for sate. 
Modern s/s warehouse, 6.600 so. ft. 
oBwea. Additional mezzanine area Of 
7.000 sq. It. Good yard. Baxter Payne 
A Leaser. Tel: 01-464 11B1 Or 


& Leaser. TW: oi-«64 list or 
Bernard Thorpe * Partners. Tel: 01-499 
6353. 

MAYFAIR — South Audley Street 2.036 
aq. ft. Entire building. All amenities. 
Piccadilly — 2.462 m. ft- Single Floae. 
Self-contained. Tel- Edward Charles & 
Partners. 01-033 2B11. 

PROMINENT CITY FRINGE. 30.000 BO. ft 
•distent malar new once HQ. Con- 
siderable potential. Freehold £900.000 
not Apply Box T.6335, Financial 
rimn*. to. cannon Street. London ECdp 
4 BY. 


Required immediately 

for clients 

Oilier jo. unii to 60.01 10 sq.ft. 
Short term on!\ 


^kllillier 
Parker 


01-629 7666 

On^Hiinr Stri'ft London W j; 2BT 


MODERN OFFICES AT A 
FRACTION OF 'CITY COSTS' 
12 MINUTES FROM CITY 

1,500 sq.ft-4,000 sq.ft 

FROM £5 '52 


International Property 


• GAS CENTRAL HEATING 

• FULLY CARPETED 

m EXCELLENT LIGHTING 


FROM JLm v sq.ft 
7 YEAR LEASE 


INITIAL RENT FREE PERIOD NEGOTIABLE 



53 EAST STREET, 
BARKING, ESSEX. 
IG118EL 01-5916671 


FOR SALE IN YORK CITY CENTRE 
Complete early VICTORIAN THEATRE 
compi in prime POSITION 






Network House, The Lantern* NDUharboor, London E14 
COMMERCIAL PROPERTIES 
THROUGHOUT TOE DOCKLANDS 
Tel: 01-538 4411 


OFFICES 


GUILDFORD 

2.S55 sq. f,. offices in modern 
building with car parking. Lease 
for sale. 


GUILDFORD 

5.700 sq. ft. attractive refurbished 
offices overlooking river. Lease for 
sale. 


Messenger May Bawantocit 

Commercial Goo an merit 


Commercial Department 
Tel: Guildford (0483) 38181 


100% IBAs 


B - 9% yield 
£60,000 . £800.000 
PHONE M. ORCHARD 
01-278 3433/4 
or write tor 

l MFC LTD, FREEPOST 
LONDON EC1B 1BR 










rrn 








» J 

1 

1 1 J 


PROMOTION 

MARKETING 


THROUGH 


MANAGEMENT 


VIUAR5nelntemationa 

h SUJUR IB holes golf, cowered tends, rkfing and other sporting facttfei 
inwinBt 50 iimtid runs, crosKOiBitryskflnQ, Indoor skating rank, fitness^. 


L'ANUBASSADEUR: a luxurious rbbbke of 20 apartments <2-5 
rooms}, centra lly locate d in the village; offering aU commodities to have the 

B5T toe ta Switzerland. 

ff.AvauEDum mMmax-smranMD tclgijksbo raacssu 


PARIS HOTEL AREA 

Tfaree-fftar-J axury category. 200 rooms 
RESTAURANTS, SHOPPING MALL 
Offices, Parking Lots, For Sale on Fall Ownership Bads. 


Total discretion. 

For information; 
GROUPE PIERRE BATON SJL 
TELEX RATON PARIS 630,855 F 
























26 




7£&* St&3tt£ 


-.■ • /;•.. ' : ;.’■••■ i; ' :*** 

’ ■ ■ ■ r% ."- ■-■ ■' '■■ A ije-'.. .il'A 




Financial Times BWday May 16 1986 


UK COMPANY NEWS 


Oil companies’ profits surprise City 


Royal Dutcb/Shell and 
British Petroleam both re- 
ported sharply reduced first- 
quarter profits yesterday on 
an historic cost basis, writes 
Max Wilkinson. 

However, on the alternative 
current cost of supplies basis 
the results of both groups 
showed sharply increased 

after-tax profits compared 
with the flgares for the first 
quarter of 1885. 

The steepness of the rise 
In replacement cost profits — 
42 per cent In the case of 
Royal Dutch/Shell and 84 per 
cent for BP — took City 
analysts by surprise. 

These large and contrary 
swings result from the dif- 
ferent way in which the fall 
in ol! prices show up in the 
two methods of accounting. 

However, both companies 
face a further erosion of their 
upstream profits in the second 
quarter. BP said that its 
results reflected an average 
price of North Sea Forties 
crude of $20 per barrel com- 
pared with $28 in the pre- 


vious quarter. Since then, 
crude prices have fallen 
further, with the Brent crude 
spa tdipplng below $10 per 
barrel before recovering to 
yesterday’s level of $14. 

In spite of the ravages 
which falling ol! prices have 
made to the historic cost 
profits, the share prices of 
Shell and BP both rose on 
the London Stock Exchange 
yesterday— Shell Transport 
and trading's by 8p to 773p but 
BP'S fell by lOp to 553p. 

For both companies, the 
fall In historic cost net in- 
come reflected an after-tax 
loss on ofl stocks: £592 mfor 
Shell and £71 8m for BP. This 
represented the fall fu tbe 
value of stocks purchased last 
autumn when prices were 
much higher. 

The rise in net profits on a 
current cost of supplies basis 
reflects the fact that the cost 
of replacing present stocks 
has fallen mucb faster than 
the price which the companies 
could obtain for products, in- 
cluding petroL 


Shell's own equity produc- 
tion of oil in the first quarter 
at 1.75m barrels a day was 
only 56 per cent of the crude 
processed by its refineries on 
a worldwide basis. 

On a replacement cost basis, 
therefore, the lower price of 
bougbt-in crude benefits tbe 
company so long as prices for 
its products do not fall too 
steeply. 

On tbe historic cost basis. 
Shell and BP essentially had 
to set off the cost of old stocks 
of higher priced crude against 
the weakening prices of pro- 
ducts. 

In the second and third 
quarter the disparity between 
results of these two account- 
ing methods is likely to be 
reduced unless there is 
another sharp change in the 
level of oil prices. 

Historic cost profits will 
tend to improve as stock 
losses drop out of the 
accounts, but replacement 
cost profits are likely to fall 
also as product prices respond 
to the continued downward 
pressure of lower crude 


Mr David Gray, oil analyst 
for brokers James Capel, 
estimates that for both com- 
panies the margin obtained 
ou the sale of petroleum pro- 
ducts rose to an average of 
about 6p per gallon in the 
first quarter, compared with 
about lip a year ago. He 
thinks the margin is likely to 
fall back as a result of com- 
petition in the market place. 

As these profit margins are 
eroded he expects replace- 
ment cost profits to fall. In 
the case of BP he said 
replacement and historic 
costs canid both settle at 
around £2 50m. 

• The British ConocS of 
Churches, the Central Finance 
Board of the Methodist 
Church and the United 
Reform Church all announced 
yesterday that they had sold 
or were about to sell their 
shares in Shell Transport and 
Trading as a result of the 
company’s continued involve- 
ment in trade in South Africa 
and Namibia. 

See Lex 


Shell rides out crude price fall 


Royal Dutch Shell yesterday 
reported a 34 per cent fall in 
its first quarter after-tax profits 
compared with the first quarter 
of 1985 to £718m on an historic 
cost basis. 

However, on a current cost 
of supplies basis aftertax 
profits rose by 42 per cent to 
fl.sibn. 

Shell warns: “ It is likely that 
average crude prices for the 
second quarter will be lower 
than for the first quarter and 
this would further reduce 
earnings in the group's explora- 
tion and production sector, in 
addition to the normal seasonal 
decline.” 

It says that pressure on 
margins in the manufacturing, 
marine and marketing divisions 
can be expected to increase. 

Shell's first quarter accounts 
show that in spite of tbe fall in 
crude prices tbe group gener- 


ated a £541 m increase in cash 
and short term securities while 
reducing total debt by £i71m. 

This compared with a cash 
surplus of £853ra in the first 
quarter of 1985 after a debt 
reduction of £949m. 

Shell said that capital and 
exploration spending had been 
“undergoing a re-assessment in 
the light of lower oil prices." 

For 1986, total planned 
spending on these items had 
been cut by 12 per cent to £5bn. 
Shell says this reflected the 
views of host governments and 
joint venture partners. 

Shell's equity production of 
crude oil at 1.75m barrels a day 
was 5 per cent higher titan the 
level a year earlier, while 
natural gas production was up 
3 per cent in volume at 7.79bn 
cu ft per day. 

In the downstream operations 
(manufacturing, marketing and 


marine) the group reported 
unchanged sales volumes, with 
a 4 per cent rise in the volume 
of gasoline sales and a 5 per 
cent rise for diesel offset by a 
14 per cent reduction in fuel 
oil sales. 

Reported earnings for the 
world outside the US dropped 
sharply from £315m in the 
corresponding period of 1985 
to only £40m, but this was after 
accounting for stock losses of 
£574m. 

On a current cost basis down- 
stream profits rose steeply from 
£l59m in the first quarter of 

1985 to £614m. In the US dollar 
earnings rose by $53 m to S61m 
in the first quarter of 1986. 

The accounts show the 
cushioning effect of high mar- 
ginal tax on upstream profits. 
Total income before tax was 
£l.95bn in the first quarter of 

1986 compared with £3.13bn a 


year earlier. However the tax 
bill fell from £2.01 bn to £L23bn. 

Earnings in the chemicals 
business fell from £64 m to £30m 
outside the US, while earnings 
from coal were sharply down 
at £lm compared with £5m a 
year ago. 

Currency exchar %? losses of 
£78m in the first quarter com- 
pared with losses of £10Sm a 
year earlier. The losses arose 
mainly on dollar funds held by 
the group and on other assets 
as the dollar weakened against 
sterling and other currencies. 

Group turnover fell from 
£20.03bn a year ago to £15.3bn. 
• Anti-apartheid demonstrators 
forced the suspension of the 
Shell annual general meeting 
yesterday with persistent ques- 
tions about the company’s 
involvement in South Africa. 

M.W. 


BP warns of a volatile market 


British Petroleum reported a 
fall in its historic cost after tax 
profit to £22m in the first 
quarter of the year compared 
with £515m a year ago. 

Tbe company said “this was 
after stock losses of £718m 
caused by falling oil prices." 

However, on a replacement 
cost basis, the group's profits 
after tax rose to £740m, 
compared with £402m In the 
first quarter of 1985. 

Sir Peter Walters, group 
chairman, said: “The composi- 
tion of the replacement cost 
operating profit has changed 
significantly, with decreased 
contributions from BP Explor- 
ation and Standard Oil (the US 


subsidiary) offset by strong per- 
formances from our refining 
and marketing and chemicals 
businesses.” 

He added: “The oil market is 
likely to remain highly volatile 
in 1986 and we are taking 
positive steps to sustain our 
financial strength by tightly 
controlling planned capital and 
operating expenditure." 

BP Exploration produced an 
average of 701.000 barrels per 
day of crude oil. 12 per cent 
more than in the fourth quarter 
of 1985, with 70 per cent of it 
coming from the UK. 

However, on a replacement 
cost basis BP Exploration's 
operating profits of £244m were 


44 per cent less than the Tesult 
for the first quarter of last year. 

BP Oil International, the 
downstream operation, recorded 
a sharp increase in replacement 
cost operating profit at £408m 
compared with only £61m in the 
.same period of 1985. However, 
this pretax profit was too little 
to cover the £520m stock loss 
and the historic cost operating 
loss was £117m. 

The chemicals division made 
a pre-tax replacement cost 
profit of £53m, compared with 
only £4m a year earlier. 

Standard Oil of the US con- 
tributed a £20m historic cost 
loss. Its contribution of 


on a replacement cost basis was 
£81m lower than in the first 
quarter of 1985. 

Earnings per share dropped , 
from 28J2p in the first quarter 
of 1985 to l-2p. 

The group generated £396m 
in fundi in tbe first quarter of 
this year compared with £3 9m 
a year ago. Debt was reduced 
by a further £898 m. 

Group turnover fell from 
£11.48bn to £8.48bn. However, 
BP’S capital expenditure fell 
only 8 per cent to £427m. 
Standard Oil's capital spending 
fell by a third to £316m between 
the two quarters. 

M.W. 



OUR RESULTS 
ARENT THE ONLY 
ATTRACTIVE THINGS 

WE PRODUCE 

Innovation in both design and 
production for Pretty Polly certainly achieved 
highly visible results. 

This drive for improvement underpins 
. each of our companies’ strategy for growth. 

It’s an initiative which we enthusiastically 
support as the results benefit the group, our 
shareholders and, not surprisingly, our 
customers. H 



1 

» V | 

» ] 




The Pru 
builds up 
estate agency 
network 

By Eric Short 

THE Prudential Corporation, 
Britain's largest life com- 
pany, has taken another step 
towards Its goal of a nation 
wide chain of estate agents. 

Its subsidiary. Prudential 
Services, has acquired A- C. 
Frost and Company, a major 
estate agency chain, for an 
undisclosed sum. 

This third estate agency 
acquisition with Its network 
of 31 offices in the Thames 
Valley area — Berkshire, Buck- 
inghamshire, Middlesex, Ox- 
fordshire and Surrey — brings 
the total number of estate 
agency outlets for Prudential 
Property to 76. 

In the past year, Frost com- 
pleted deals on more than 
3,200 residential properties 
involving a value of around 
£260m. 

The Prudential Corpora- 
tion bas been expanding its 
retail financial service opera- 
tions beyond its traditional 
insurance based products into 
other sectors — the most not- 
able being direct unit trust 
management and estate 
agency operations. 

It recently announced a 
£3 57m rights issue to finance 
this expansion programme of 
which at least £10flxn was ear- 
marked for a nationwide 
estate agency chain of at least 
500 offices by the end of the 
year. 

Mr Graham Clay, mawaping 
director of Prudential Pro- 
perty Services, said that the 
Frost acquisition epitomised 
the type of operation the Pru 
was looking for to develop 
fta national estate agency 
chain — well managed, pro- 
gressive and enjoying an ex- 
cellent reputation for a high 
standard of service. 

At present the Pru is re- 
presented in Southern Eng- 
land, the Thames Valley and 
the Fenlands. Mr Clay anti- 
cipated a further acquisition 
within a month of an estate 
agency chain situated further 
north. 

Such an acquisition would, 
according to Chartered Sur- 
veyors Weekly, make Pru 
the fourth largest chain by 
number of offices. 

In addition to residential 
property. Frost also has a 
wide range of commercial 
estate agency services to a 
variety of clients. 

Pro's initial estate agency 
acquisition, Ekins, Dilley and 
Handley also had a substan- 
tial commercial operation. 
However the Pro has no in- 
tention, at least for the pre- 
sent, of becoming a major 
commercial estate agency 
group. Its ambitions relate 
mainly to domestic property. 


GrandMet profit Dy 


Grand Metropolitan, the 
hotels, brewing and leisure 
group, was badly hit by adverse, 
currency movements in the first 
half of the 1985-86 year... The 
interim pretax profit, just 6 per . 
cent ahead at £140. "m, would 
have been £X3.4m higher had 
they been translated at last 
year's rates. 

The effect was most ' 
noticeable in the US consumer 
products division, where trad- 
ing profits fell nearly 9 per 
cent to £35.4m. Expressed in 
dollars, the outcome • would 
have been 11 per cent higher, 
benefiting from an improve- 
ment in margins In the 
cigarette business despite the 
fail in demand for fitness 
equipment 

The interim dividend is raised 
from an adjusted 3.636p to 4p, 
with earnings per share stand- 
ing at 12.7p (llfip adjusted). 
The charge for tax fell from 
£34 .6m to £30.6m. but there was 
a lower extraordinary credit of 
£17Jjn (£26m). 

An analysis of trading profit 
in the UK shows: brewing 
£34 .2m (£30.3m): consumer 

services £3&2m (£284Jm); foods 
£15.9m (£llJm). In tbe inter- 
national division wines and 
spirits made £ 82 . 1 m (£68.6m). 

The directors say that the 



UK sector made very satisfac- 
tory progress and achieved a 
19J5 per cent increase in trad- 
ing profit compared with the 
corresponding period of tbe 
previous year. . 

Higher sales volumes in brew- 
ing reflected the substantial in- 
vestment in. brand development 
which has been made in recent 
years, while consumer services 


benefited parwsuariy ^roultfee 
success of its licensed ^retailing 
and industrial catering^ Bctwi- 
ties. Foods’ trading profit- was 
significantly- K gbfer thin ; a-year 
ago, despite the side .of -its 
. liquid' milk tmrfnessm^thenqrtii 
of England .^ . : 

- Interest charges -.feS-v-ftcm 
£55 .Sm to JE51^;~ huiE%? .be- 
cause Of lower rates and favour- 
able exchange movements. 1 

The company >Jro:*a2Cf3utt it 

was still Keen -.to. .dispose' of. its 
US cigarette busiheasTaiBidtt & 
Myers, and 

was beds in profit might; make 
it more attractive to a- potential 
buyer, though notie has yet been 
found. ‘ -■ - 

The company also indicated 
yesterday that the .US- ; reluct- 
ance to visit Europe this ama- 
in er would depress its: hotels 
business, - the main ' ^ profit 
earners being- those on ititeGon- 
tinent- Hotels: included in 

the -V group’s. international 
division, which sawstatic. profits 
of £10.7m for the half year to 
March 31, 1986-’" - r*V; 

The directoss say tlmt- the 
acquisitions' and disposals made 
over tbe last year distort the 
comparable figures, which show 
a fall of £TT9m to turnover nf 
£2JS7bn and trading profits of 
£191.5m <£187.7m). . 

, See hex 


Crowther may bid for Sunbeam 


John Crowther Group, the 
rapidly expanding textiles 
group, has bought a 21.5 per 
cent stake in Sunbeam Wolsey, 
tbe Irish textiles manufacturer, 
and started talks which may 
lead to a bid for the company. 

Sunbeam shares rose on the 
news, to close at 116p, up lOp 
on the day. giving it a market 
capitalisation of £9 .7 m. 
Crowther’s stake was acquired 
at a price of 105ft> a share, 
apparently from Namaval Hold- 
ings, a Panamanian company, 
which yesterday announced that 
it had disposed of a similarly 


large stake. 

Sunbeam's interests include 
the manufacture of wool, 
knitted products and industrial 
yarns and several of its sub- 
sidiaries are in the UK. in 1985 
It recorded pre-tax profits of 
l£lMm (LElMlm) on turnover: 
of I£32.16m. 

The Crowther Group has been 
transformed from a relatively 
small company into a sub- 
stantial force in the UK textiles, 
industry in tbe last few months 
through a rapid succession of 
takeovers. 

In October it became a lead- 


ing carpet manufacturer 
through a complex three-way 
deal in which it acquired 
Carpets International UK and 
Weavercraft, another ; carpets 
company. 

Then in March it ***°d«* «n 
agreed £373m takeover bid tor 
MGD Group, a -floor cover i ngs 
distributor, and another of 
£9.1m to r"WW Group a clothing 
distributer. ' - later tile, same 
month its announced the acqui- 
sition of the assets and goodwill 
of J. Barlow and Go (Notting- 
ham). a knitwear manufacturer, 
for £Lm, ' 


DIVIDENDS ANNOUNCED 


Bank of Ireland 


141... 

July 

4 

12 ' 

20.5 

17.5 

BriL & Commonwltb . 

2 .8t 

July 

10 

22 

5 

.4 

El Oro Wring ... 


4.62 

— 


4 2 

4.62 

42 

RngHsh China .... 

■4nt 

4^5 

Sept 

30 

4 


11 

Exploration 


2.31 

— 


2.1 

2.31 

2.1 

John Foster .. — ....... 

23 

July 

16 

23 

3-5. 

3 _ 

Grandmet ......... 

int. 

4 

Oct 6 

SM* 

• 

: 

C. E. Heath 


17.4 

— 


15 

24.4 

21 

London Atlantic 


4.75 

■July. 

14 

4.25 

. 6.7 

- 6.1 

Radio Clyde 

■int 

1.25* 

July 

11 

1.25 . 

— 

"3.25. . 

Warner Estates .. 

.Int 

7.5 



6 

■ — -■ 

IS 

Western Selection 

int. 

12 

July 

4 

1 

— 

2.7 


Dividends shown In pence per share except where otherwise 
stated. * Equivalent after allowing for scrip issue, t On capital 
increased by riahts and/or acquisition issues, t USM stock. 
§ Unquoted stock. 


Harvard raises 
stake in Warren 

The shares of USM-quoted 
Lloyd’s insurance broker Dewey 
Warren Hod (Hags rose lOp to 
close at 121# yesterday after 
news that Harvard Securities 
had increased Jts state in the 
company from &5 per cent to 
8.9 per cent 

• . -Harvard, tbe licensed dealer 
and ore^thneoiinter market- 
maker, has recently been on the 
acquisition trail making an 
unsuccessful . bid for United 
Computer and Technology, the 
investment trust, and then bid- 
ding for City and Foreign 
Investment. 


This announcement appears as a matter of record only* 



NEWS INTERNATIONAL pic 

Swiss Francs 200,000,000 
5%% Bonds 1986-1996 

Issue Price 100 per cent. 

guaranteed by 

THE NEWS CORPORATION LIMITED 


The following subscribed or procured subscribers for the Bonds:- 


Credit Suisse 
Swiss Volksbank 


A. Sarasin St Cie 


Amro Bank 
mu! Finanz 

Bank of Tokyo 
(Schweiz) AG 

Deutsche Bank 
(Schweiz) AG 


Union Bank of Switzerland 
Bank Leu Ltd. 

Private Bank and Trust 
Company 

Swiss Cantonal banks 


BA Finanz 
(Schweiz) AG 

Bankers Trust AG 


Dow Banking 
Corporation 

Sogenal, Soriete Generate 
Abaci cone de Banquc 


Swiss Bank Corporation 

Members of the Groupement des 
Banquiers Prives Genevois 

Members of the Groupement de 
Banquiers Prives Zuricboii 


Bank in Leichtemtem 
Aktic ngeselbchaft 

Banque Internationale 
a Luxembourg (Suisse) SA 

J. Henry Schroder 
Bank AG 


.BTR PLC, SHVERTOWN HOUSE, VINCENT SQUARE, 
LONDON SW1P 2PL. 01-83+ 3848. 


U.S. Dollar Fixed Rate Currency Swap 

Arranged by 

THE FIRST BOSTON CORPORATION CREDIT SUISSE FIRST BOSTON 







16 


L 


ss 








* 

av , ? ' e » 


ay a «% ^ 

sr^i 

Profit oiS? 4k 


" n °Pe hLSS 


S£i*fe 

&*».SS§ 

!ss ! ! 1 * 1 ®i5t 

'^SS 

:iVrgf^S5; 

See Lex 


aibean 


y] astute* 




“■ ■ “■ ;t ~ ®E. 
-* »!._• 

i7 5 - *.ittci w K ; 
;jr. * Sk-j r.i^~ 

■', , ‘"1 ira;^ 
;;* 

' w 

'-•: iu-isasl-ft 
- ,m I; ;:&: 


vard raises 


;e m 


:ri»-3r 
M'li'.sp -« 1: 




• ■- •-.; -:r.u :-s£ 
: i.: - !’." '— “ 


rHD 


t .-..■“* 



Financial Times Friday May l6 1986 


&rjn&r±^> 


UK COMPANY NEWS 


C E Heath profits 
hit by Australian 
insurance changes 


™°? I S s ir, a fr ,r r ia ff ea ? mrat5 ani Mme non ' recurrln s 

SSZaSLa teSSS reoreM,1M< ‘ on rosts - 


BSR plans 
to float 
Tenby and 
raise £12m 


B & C set for substantial 
programme of investment 


GN Great Nordic Ltd 

(Registered m Denmark, No. 456) 

formerly known as 

The Great Northern Telegraph 
Company Limited 


By Lucy Kefhway 


5l2 e f a Sr d underwriter, in the * Comment 


«*»«!? at 1 rch . 31 198e - At the One cannot help feeling sorry 
level, they came to for C. E. Heath. Because of 
W5In - two factors outside Its influ- 

!□ Australia, the State of it has reported flat profits 


Victoria 


....... mu introduced a *■*»! X®' 11 • <uia uy uic aatm i"« 

single state insurer system features is going to have to do 


last year, and by the same two 


to the detriment of Heath’s spectacularly well in other 
workers compensation insur- areas 10 report any increase In 


ance business, and there has the current year. The company 
oeen the adverse impact of 1515 h**® struck by unfavour- 


ex ^h an 8e rate movements. 


currency 


movements 


There is again an above-the- which have reduced profits by 
“° e e*ceptk»nal charge - — this shout £5m, and then by the 


time £2.2m (£2.53m) — leaving nationalisation of the workers’ 
the year’s Drp-tav -» Mmwnutinn hntiniKe in Aiu. 


“® Kirs pre-tax profit at compensation business in Aus- 
compared with tralia. This has not only cut 


£30. 12 m. 


underwriting profits, this year 


The provision has been made about **“• and by *bout 
against potentialiy irrecover- £4 “ n , < r xt ’ l * h** also removed 


able amounts owed by insurers ? fat sliee of Profitable business 
and intermediaries, relating to from 1116 Australian broking 
* — »« — — While Heath •' 


trading activities in the late 0per3tJ0n - 
1970s. putting everything into filling 

v __. the hole, the process is likely 

s?™ “ J^preve- t0 fakc umi] the end of next 


meat from 6lp to 62.7p. 


Sot 25J; l r 2“ t 2 i? , t -?J£:? 9Sp ®s toe opposition, even 


net. with a final of 17.395p. 
After tax £ 10.43m <£1 0.83m) 


though Heath is not flattered 
by its March year end. as 


J-K SW5 Mdiuom got tOTEhi? 
attributable during the first three months 


profit worked through 
£19.79m (£19.16m). 


** of *86. Nevertheless, the divi- 
dend increase is a sign of con- 


This time there is a £419,000 fldence. and a similar rise this 
extraordinary charge, represent- year would give the shares, at 


ing the sale of the Lloyd’s 6l0p, a prospective yield of 6.5 
Agency operations less the loss per cent, which should lend 


on disposal of several long-term supoort until happier 
and related company invest- arrive. 


Inchcape pays £18m In 
US assurance deal 


BSR, the troubled electrical 
goods manufacturer Is plan- 
ing to float its UK electrical 
accessory and engineering 

businesses on the Stock 
Exchange at the beginning of 
next month. 

BSR will be selling about 
60 per cent of Its holdings in 

the new group, called Tenby 
Industries, to raise an esti- 
mated £22<n which will reduce 
Its high level of borrowings. 

Mr Frank Brown, managing 
director of BSR UK, said 
yesterday that the sale was 
strongly in the interests of 
both companies. Mr Brown 
will become managing direc- 
tor of Tenby, and give up his 
position on the BSR board. 

Tenby Is made up of two 
parts, one of which makes 
electrical accessories, and the 
other specialist engineering 
components. 

At the time of the re- 
organisation at BSR In 1982 
when the central management 
moved to Hong Kong all of 
the engineering companies 
were making losses. In the 
last three years the com- 
panies have been restructured, 
costs have been reduced and 
activities have been re- 
directed towards high quality, 
specialist markets. 

As a result of the rationali- 
sation, pre-tax profits have 
risen from £762,000 in 1981 
to £2.5m in 1985. on sales np 
from £133m to £3Llm. The 
group's profit last year com- 
pared to a pre-tax loss of 
£6m incurred by BSR during 
1985. 


DESPITE a sharp setback by 
Its air transport activities the 
British and Commonwealth 
Shipping Company saw its 
profits for the 1985 year surge 
from £66.22 m to 176.85m at the 

pre-tax leveL 

The company is now a 
diversified transport and 
financial services concern 
having substantially reduced its 
shipping activity. 

The principal related costs of 
this move away from shipping 
were taken below the line and 
included in extraordinary items 
which emerged as a credit of 
£60.81m having taken in the 
profits from the sale for £108m 
of the company's holding in 
Ex co International and the 
partial sale of the bolding in 
Tolerate Inc. 

The book value of B and C’s 
Interest in Exco at end- 
December 1984 was £48.7 m. 


ahead at 19p and a final divi-j 
dead of 2.8p (2.2p) lifts the : 
total by lp to 5p net per 1QP 
share. 

B it C sold its 21.4 per cent 
stake in Exco to the Kuwait 
Investment Office, the London- 
based organisation which 
handles much of Kuwait’s oil 
wealth, last November. 

Speculation had surrounded 
B & C’s holding in Exco follow- 
ing the departure of Mr John 
Gunn. Exco's chief executive, 
for an executive directorship 
with B & C. 

• comment 

There are two schools of 
thought on the British & Com- 
monwealth Shipping Company. 
One is that John Gunn, its 
Mr John Gunn, an executive recently recruited chief execu- 
director of B and C tive, will wave a magic wand 

and lead the company into a 
_ . _ stream of go-go financial 

The reduction in profits by ven tures. Tbe other is that 


ACQUISITION OF THE BALANCE OF GN LAUR. 
KNUDSEN AS 


In March, 1986 GN Great Nordic Ltd ('the Company 
entered into a series of purchases of the outstanding shares in 
its subsidiary company GN Laur. Knudsen as, which will 
result in the Company acquiring all the shares it did not pre- 
viously own at a toul cost of D.Kr. 321.S million. 


**“jBpD* * 

V 


The directors say it is clear . rnc reauction in profits Dy ventures. The other is that 
that 1986 is to be a year of aur transport reflected a reduced b&C’s trading base has eroded 

change, pointing out that there contribution from Bristow Hcli- t Q such an extent, that its 

will be considerable diminution copters and losses incurred by decline is irrevocable. Both 

in the attributable profits of Air UK. schools had their say yesterday 


associated companies < They rose 


supporf services’ an 4 > after early selling and late 


from £42.76m to £51.22m in Profits fell to £5.1m (£6.1m) buying. 
1985) having disposed of the hotels from £966.000 to mainefi 


Exco stake and more recently £893.000. 


the share price re- 
unchanged at 316p. 


equipment, with Just one ship left B&C is 


that in Overseas Containers. however, pushed ahead from now a shipping company in 


They tell shareholders that £2 .56m to £3Jt4m. 


realised 


name only. Its aviation activities 


the disposals have realised Operating profits also took are faring little better. These 1 

substantial sums for reinvest- account of the proceeds from problems within established 1 

ment and with opportunities for the sale of aircraft amounting areas of activity, paired with a 
new investment described as to £9.11 m (£7.4Im) and a pro- stream of disposals which will 
many and varied they view the vision for unrealised currency reduce the contribution from I 
future with confidence. losses of £2rn (£7.6m). associates by around £20m. 

Group turnover for 1985 Income from investments should produce a fall in profits , 

improved from £376.55m to added £2. 07m more at £17.46m to £73m or so and a p/e of 13.5 
£402J5m but at the operating and interest charges were re- this year. Whether the pros- 
level profits fell by £L59m to duced from £1421m to £l2.51m. pects for 1986 are any brighter. I 
£20. 69m. After tax of £30. 61m and which school of thought 

A divisional breakdown shows (£24.04m) and minorities of will be vindicated, depends 
shipping losses rose from £2.3m £10.17m (£11 .37m) profits entirely on how new ventures 

to £2.76m and air transport emerged at £36. 06m. compared like Kaines devlop and one the 
profits fell from £17.12m to with a previous £30.8 lm. direction in which John G unn 


RIGHTS ISSUE 

At the Company's Annual General Meeting held on 1 5th 
May, 1986 a resolution was passed to increase the share cap- 
ital of the Company from D.Kr. 201,306,420 to DJCr. 
301,959,540 by offering new shares with a nominal value of 
DJCr. 100,653,120 for subscription in Danish Kroner at a 
price of 400 per cent, of par, the Company's existing share- 
holders having prior subscription rights. 

The new shares will entitle their holders to the lull amount of 
any dividends to be declared in respect of the year ending 
31st December. 1986 but not to dividends in respect of ear- 
lier periods. In all other respects the new shares will rank pari 
passu. with existing shares. 

A copy of the Grcular to Shareholders dated 15th May, 
1986, which includes Listing Particulars relating to the 
Company in accordance with The Stock Exchange [Listing) 
Regulations 1984, has been delivered to the Registrar of 
Companies in England and Wales as required by those 
Regulations. 

Copies of such Circular containing such Lasting Particulars, 
and giving further details of the acquisition of the balance of 
GN Laur. Knudsen as and Rill particulars of the Rights Issue 
and the procedure for exercising such prior subscription 
rights, are available to shareholders, together with the related 
lodgement form, at Ham Bros Bank Limited, Stock Counter, 
41 Bishopsgate, London EC2P 2AA, during normal business 
hours horn today until 26th June, 1986. 


£9.2 4m. 


Earnings came through 1.7p diversifies. 


direction in which John Gunn 


BY ALICE RAWSTHORN 


cash deal. 

Intertek is Involved In the 


COMPANY NEWS IN BRIEF 

. Inchcape, the troubled inter- Inchcape is already involved 

national trading group, has hi the test and inspection in- jqng AND SHAXSON, the dis- in the prospectus, the company which, at present exchange and R. and L. W. Hunter, is 

acquired the privately-owned dustry throu^i its subsidiary. t ho yesteJl}a y declared is paying a 3p dividend for the rates, total £10.7m. These are claimed the largest coal im- 

US quality assurance company. whiS™ acqffied unconditional its takeover bid g 2? ^ «W>roximately £lJhn above porting group in Ireland. Heiton 

two years ago and provides in- for Smith St Anbyn, the fellow 511 op K p/ ‘ book amounts and will be used already has a 27.5 percent stake 

spection services throughout discount house. Smith origin- RAM CO OIL Services incurred to repay a mortgage of £42m in C. H. Doherty and also owns 

the world. ally agreed to be taken over by a loss of£95,000 for 1985 (pro- ud reduce local borrowings. a property in Westmoreland 


B3 


SS taSSksSSSSSS SSf whiS”^ te ^r«7er M MP •PP^mateJy fliSm 'rtov,' parting group i. 

tlon, for *27 6m f£17-9m> in a two years ago and provides in- for Smith St Anbyn, the fellow P ( • P)- book amounts and will be used already has a 27 

. u / u : .k » hflii.A Cmith muffin. D A Mr A ATT. Sorriivu inmrrpd r, o n n n.k.- 


Siderurgica Lazaro 

Caidenas-Las Truchas, S A 


spection services 
the world. 


Nonetheless Intertek will [ Irving Trust the US banlring fit £910,000} and blames global 


a property in Westmoreland 
Street Dublin. 


provision of inspection and function as an autonomous sub- group, but switched its alii eg- downturn in oil industry HEITON HOLDINGS has ’ 

Quality assurance services to si diary within Inchcape with ance when King and Shaxson activities. Measures have been agreed to acquire M. Doherty THERMAL SCIENTIFIC has 


U.S£85 ,000,000 Floating Rate Nates due 1989 
Id accordance with die provisions of the above Notes, notice is 
hereby given that far tbe six months bom Mth May 1986 to Mth 
November 1986 the Notes viH cany an interest me of per 


the US aerospace and defence management str u cture left emerged with a higher offer, 
industries. Through an assom- ^ The current chief execu- _ _ 


taken to gain maximum advant- and Co. Doherty has carried 
age of any upturn in the on business as coal merchant. 


conditionally contracted to 
purchase Sharetree, designer 


ation with Swede Control it tive Mr Michael DeArmcmd, NORTH MIDLAND Construe- current year, and to broaden ship broker, and agent for many and maker of electronic burn-in 

also provides testing services will’ become rh»irm»n tion, civil engineer and public range of services beyond the years. Principal assets is a 26 equipment, for £2.08m, satisfied 


The in wrest payable on each U.S-S 10.000 Note on the relevant 
interest payment date, Mth November 1386 against Coapon No 9 
wflj be U.5.S367.36 


to a West African government. inchcape has identified the 


In the year to December 31 test and inspection sector as a 


tion, civil engineer and public range of services beyond the years. Principal assets is a 26 equipment, for £2.08m, satisfied 

works contractor, incurred a immediate requirements of the per cent shareholding in Con- by the issue of 490,897 Thermal 

lower £6,000 (£16.000) protax oil industry. solidated Holdings which, shares. Of these, 412^93 will 

loss for t£e six months to _ WPVAT njvcsTirevr through its three principal sub- be placed at 425p each. In 3985 
Fphmarv 28-1096. on turnover BilEMWAL invluinii.Nr dili.noc r«.i i, „r 


Agent Bank: 


i KTSJSTWTtAS IMM™ 


Bank 


acquisition opportunities. U P fitun zomin to i^uod. 

In the year to December 31 Losses per lOp share are shown 




InScS^’s^to^^MlhJ as 0.16i»(0.71p)7There is again year ended March i 31 1986. from 
£ 3 Z. 7 in to P just £462m. Tbe 00 interim dividend. The group earuigs of 13.5p (13.76p). The 
company’s share price lost 2p to is changing its year end from A 1181 ^ 8 - 5 P- Gross wcome | 

August 31 to December 31. and fame to £1.87m (mem). 
p ^ ^ the directors anticipate that including franked £877,000 

ANNUAL MEETINGS results * or tbe lOmonth period ^f^S'599?* un ^* nIce ^- ^14,000 
ANNUAL MEtTINbb ^ ahow , return to profit- ( £905^>^Ddenvnrin| com- 

■ - - - ahilftv mission £306,000 (£176,000). 

Asset value was 646.1p (490.5p) 
ASDA PROPERTY Holdings, basic and 625 2p (487.6p) 


Optimistic 

outlook front which came to the market in diluted. 

' April 1985 has reported pre-tax 

/I1T|V £*ftipf profits of £1-3 m for the year to GESTETNER HOLDINGS — In 

' V1 “ V1 - end -December. For the nine separate deals, subsidiaries in 

GEN'S results for the first months to end-1984 £568,000 the US and Canada have sold 

four months of the current year was achieved. Turnover was their head office freehold 

were of those for the £9 -82m (£6-36m). As indicatea properties for net proceeds 

corresponding period last year, i * ■ 1 ; 


freehold 

proceeds 


Royal Insurance 
Estimated First Quarter 
Results for 1986 


the annual meeting was told by 
Sir Trevor Holdsworth, the 
chairman. 

He said be had no reason to 
amend or qualify the conclu- 
sion he came to two months 
ago, when be said the economic 
and commercial outlook for the 
Immediate future continued to 
be generally satisfactory and 
that would enable it to achieve 
further overall financi a l im- 
provement 

• Iceland Frozen Foods share- 
holders were told that trading 
for the first part of this year 
bad got off to a "buoyant start." 

New branches were perform- 
ing well and the expansion pro- 
gramme for the current year 
was ahead of earlier expecta- 
tions. It has already 26 com- 
mitted store opening for 1986 
and expects the total for toe 
year to be around 30, of which 
only nine will be open by the 
end of the first half. The 12 
Orchard stores acquired at toe 
end of last year are now into 
profit. 

The company is confident that 
overall performance this year 
will be at least in line with 
expectations. 


Granville & Co. Limited 


Member of The National Association of Security Dealers 
and Investment Managers 


8 lorn Lane London EC3R 8BP 


Telephone 01-621 1212 


Cross Yield Pull/ 

High Low Company Pries Change dlv.(p) % Actual taxed 

146 118 Ass. Brit. Ind. Ord. ... 131 — 7 3 6.6 8.0 7.6 

151 121 ASS. Brit. Ind. CULS... 136 — 10 0 7.4 — — 

80 43 Airapnmg Group 80 — 6.4 8.0 13.3 17.4 

46 29 Armitsge and H nodes... 29 — 4.3 14.8 3.6 4 J 

177 W» Bard on Hill — 172 — 4.0 2.3 21.8 22 6 

06 42 Bray Technologies .. — 65itd — 4.3 6.6 7.7 70 

201 90 CCL Ordinary 90 -10 12.0 13.3 2.2 2.1 

162 93 CCL 1 1 pc Conv. Pf. ... 93 — 15 7 16.9 — — 

160 80 Carborundum Ord 14Zxd — 9.1 6.4 6.9 741 

94 83 Carborundum 7.5pc PI. 92 — 10.7 11.6 — — 

66 46 Deborah Services ■■ — . SS — — — — — 

32 20 Frederick Parker Group 23 — — — — — 

112 60 George Blair 110 — — — 4.6 B.1 

68 20 Ind. Precision Castings 68 — 3.0 5.2 15.3 12.8 

219 156 fs is Group 156 — 154> 9.8 12 0 17.9 

122 101 Jackson Group . — .... 119 — 5.5 4.6 8.0 8.0 

345 228 Jamas Burtpugh - 322 — 15-0 4.7 10.2 10.2 

99 85 James Burreugb 9pcPf. 98 — 12.9 13.2 — — 

95 66 John Howard Group ... 5Bxd — 5.0 6.9 — — 


138S 570 Mlnlhouie Holding NV 117Sxd +BS 
320 260 Record flidgway Ord.... 320 +8 


100 100 Record Rldgvray lOpcPf 100 

62 32 Robert Jenkins 69 

34 28 Scrottons ’'A’’ 30 

67 66 Torday and Carlisle ... 70 

370 320 Trevlan Holdings 325 

57 25 Unllock Holdings 56 

176 93 W altar Alexander 17D 

226 190 W. S. Yeates 180 


rB5 8.7 0.7 38.8 46 0 

+5 — — 5.7 9.9 

— 14.1 14.1 — — 

— — — B.D 19.7 

— — — — 7.7 

— 6.0 7.1 3.5 84 

— 7.9 2.5 6 7 8.8 

— 2.1 36 15.2 14.9 

— 8.6 5.1 9.6 11.7 

-2 17.4 9.2 5.4 9.3 


MONEY BROKERS 


What’s the big 
attraction? 



The nsufoforrftc la quarter arc set out Mott: these should tux be taken os 
providing a reHablc indication of the outcome for they ear as anhole. 

Smonlhi 3 months 

31 March 31 March Ifear 

1986 1985 1985 

(unaudited) (unaudited) (audited) 

£m £m £m 

General Insurance: 
Premiums Written 

744-9 

712.5 

2,779.5 

Underwriting Balance 

-65.3 

-139.9 

-347.1 

Investment Income 
allocated to General 
Insurance Revenue 

66.6 

7 15 

266.7 

General Insurance Result 

13 • 

-67.4 

-80.4 

1 Long-term Insurance Profit 7J> 

5.9 

253 

Investment Income 
attributable to Capital 
and Reserves 

18.7 

21.9 

873 

Share of Associated 
Companies’ Profits 

ZA 

23 

8.7 

Profit before Taxation 

29.4 

-373 

41.4 

Taxation 

5.1 (credit) 113 

123 

Minority Interests 

0.3 

(credit) 0-2 

03 

Net Profit 

24.0 

-25.8 

28.9 

Earnings per share 

KL2p 

(loss) 10.9p 

123p 

Capital and Reserves 

£2,159111 

£1,760* 

£l,905m J 


sfc There was a £66. 7m improvement in 
the first quarter result with a pre-tax 
profit of £29.4m compared with a pre- 
tax loss of£37.3m in the same period 
last yean 


The recovery was most marked in the 
United States with a pre-tax improve- 
ment 0^40.61113 the United Kingdom 
£i7.7m and Canada £7.5m. 


* All operating companies achieved 
better underwriting results to produce 
a small worldwide insurance profit 
after including allocated investment 
income. 


increased by 18.6% to £7m 
(1985: £5.9m) 


Exchange Rates 

The pre-tax result has been adversely aflected by £5 3m due to 
changes in exchange rates; the underwriting balance benefiting 
by £11 9m, but investment income and Associated Companies’ 
profits being reduced by &72m. 


INCOME • CAREER • LIFESTYLE 

AUSTRALIA 

THSBKST OPPORTUNITIES UNDERTHttSUK 




base? Or our 


SSESSSSss*. 

aSssss 

Development. 


market boom. In toe few years rincedwegm 
of the market, finance has become the TAm* 

industry in Australia and tbe market is in 
exponential growth. 

- diaries Fulton Australia is part of the 


• Forwards and Swaps* International 

Deposits including tfJBLA. A LBLS. 

If you have the experience, the ability, and 
toe drive we can offer you every incentive you 
need to build your career in Australia. Not only is 
tbe lifestyle superb, you will receive an excellent 


-4 

r o ■ a 




respected international Charles Fulton Group. package (including profit share), and have every 

WlnleourAustraliaiiopCTahoriaareweU opportunity to work your way to the top. 




H UW VIM •■ •■’ V “ M *r~T - m ■ ■ vp|iMi WMM ^ 8m# irain^viu rruy uv 

establitoed, we are in & phase or dynamic growth This b a rare chance for you to come to 

mid arenow looking for the people who can ouua Australia with a ready made career and plenty of 
on our success. scope for the future. Please write, enclosing 

Cpamfirally wo’re looking for proven details of your past experience and full C.V. to: 

nm^rotasTwho have yet tpTulfi] their ambition The Man a ging Director, Charles Fulton 

a^hawtheentouriasmtoplayavitalroleui Australia Pty. Ltd-, Box 3702, GPO, SYDNEY, 

mr development in the areas ou NSW 3001, AUSHtALIA. 

AH auulicalians will be treated in the stririest confidence. Interviews will be held in London, in 

lata May or early June. 


jj ^dom 




MR. 




mm 




Royal InsnraM^ ?Ic, Group Head Office, 1 Comhi^ Loiadm EC3V 3QR 


"2ssS5gBB«r 


Charles Fulton 








ffsrS'^r>^ .7 

M. Y • > - ^~< l ' Vt r~lJt? ^'Wft-'.vV. 'X- 


LiDewhirst 

Holdings p.I.c. 

Clothing Manufacturers 
Highlights from 

the Statement by the Chairman, 
ALISTAIR J. DEWHJRST 

for the year ended 17th January, 1986 
Profits 

* Group pre-tax profit £5,304,000 - up 32.4%. 


* Sales £57,569,000 - up 33.8%. 

Dividend 

* Total Ordinary dividend for the year of l.lOp per share - an 
increase of 21.8%. 

Scrip Issue 

* Proposed 1 for 5 scrip Issue. 

Employee Share Option Schemes 

* Experience shows there is no better way to encourage 
employee invuhranent in the company than through these 
schemes. Company contribution to Profit Sharing Scheme 
25%. 

Production aid Expansion 

* Trading conditions during 1985 generally buoyant; forecasts 
exceeded; profit margins virtually maintained. 

* Investment in advanced machinery and desi^i continues. 
Workforce co-operation an imported factor m increasing 
efficiency and reducing cost base. 


Future 

* Controlled growth remains company’s policy. 

* Current sales comfortably ahead of last year’s. 

I. J. Dewhirst Holdings p.I.c., Duwear House, 
Westgate, Driffield, North Humberside, Y025 7TH 


North America helps 
Royal to £67m turnround 


ijd 


MUCH BETTER results from 
North America lifted Royal 
Insurance, the UK's largest 
composite insurer, to profits of 
£29.4m in the first quarter of 
1.986, a near £67 m turnround 
from the loss last time. 

The pre-tax profit was well 
ahead of market expectations, 
which had looked for £lOm at 
best, and the shares touched 
952p, 30p ahead, before slip- 
ping back to close at 932p, just 
Ip up. 

The recovery was most 
marked in the US, where the 
company made £13.3m in the 
three months to March 31. com- 
pared with a loss of £27.3tn. 
In Canada, last year's deficit of 
£5.5m became a surplus oE 
£2m. 

Mr Alan Horsford, the chief 
executive, commented yester- 
day "while too much should 
not he read into one quarter's 
figures, the pre-tax profit pro- 
vides a moderately encouraging 
basis for further progress 
during the rest of the year.” 

The first quarter saw losses 
persist in the international and 
Nederland divisions, at £0.3m 
(same) and £0.8m (flm) 
respectively. Australia just 
broke even compared to the 
£L.lm loss last time. 

Mr Horsford said: “In the 
rest of the world f outside 
North America and the UK I 
less progress was made but the 
trends were mostly in the 
right direction.” 

In the companrs second 
biggest market, the UK, 
weather losses were again 
heavy at around £30m — virtu- 
ally the same as last time — but 
despite this, profits turned 
round from a £U-2m loss to a 
£6.5m surplus. 

Profit from general insur- 
ance was £1.3m against a 
comparable loss of £67.4m, 
with premiums written at 
£744. 9m (£712.5m), and the 
deficit on the underwriting 
balance reduced from £139.9m 






n 


Mr Alan Horsford, chief 
executive of Royal Insurance 

to £65.3ra. The share of 

investment income fell from 
£72.5m to £66.6m. and on the 
long-term insurance account 
from £21 J 9m to £18.7m. 

After a tax charge of £5.1m 
(£11. 3m credit) and minorities, 
set profits came to £24m 

(£25. 8m loss) for earnings per 
share of 10.2p (10.9p loss). 

Commenting in detail on the 
results, the chief executive 
said that in the US the statu- 
tory operating ratio after 
policyholders dividends was 
108.6 per cent, down from 
123.1 per cent. Results 

improved in most classes of 
business to produce a small 

insurance profit. Total dollar 
premium income rose by 34 
per cent largely accounted for 
by commercial lines 

Premium volume increased 
by some IS per cent in the UK 
aided by price firming in most 
lines. All classes other than 
personal motor and inter- 
national programmes written 
for UK clients in the London 
market produced better results 
with the most marked improve- 


ment being achieved in com- 
mercial business. 

In Canada the Improving 
trend in commercial classes 
evident in the second half of 
1985 continued, with a some- 
what better result in the 
personal classes, including a 
marginal insurance profit 
Premium growth in local terms 
of 31 per cent was accounted 
for by price increases, mainly 
in commercial business, which 
also assisted in the five points 
improvement in the expense 
ratio. 

• comment 

In the first quarter of 19% the 
Royal Insurance company found 
itself, for the first time in years, 
in the right places at the right 
time. Within the international 
insurance industry the boom- 
boom sector was commercial 
business, specifically in the US, 
UK and Canada and the Royal, 
of all the composites, was best 
placed to benefit from the boom. 
The market had anticipated the 
trends but had underestimated 
the extent of the Royal's re- 
covery. perhaps because adverse 
exchange rates exaggerated its 
dollar losses in the first quarter 
last year. Analysts have been 
busily upgrading their profit 
forecasts for the full year to 
£225m and a p/e of 13 on a 
reduced tax charge of 25 per 
cent for 1986 which will soar to 
35 per cent in 1987 once the US 
losses are exhausted. The US 
commercial rate increases, 
which buoyed these results, will 
continue to filter through for 
the next year or so and the com- 
pany anticipates continued re- 
covery in Canada. The only 
imponderable hovers over the 
development of the life market 
in the UK. Given that there is 
little scope for growth in its 
core commercial territory, the 
Royal’s future prospects will 
pivot on how efficiently it 
manoeuvres itself into the unit- 
linked life industry. 


Exco to buy 
15% of its 

own shares 
for £88m 

By Lucy Ksilawajr ■ 

EXCO INTERNATIONAL, the 
money braking and financial 
services group, yesterday 
asked its shareholders to 
authorise ft to buy up to 15 
per cent of its own shares for 
a maximum price-of-fgSm. 

At the year end, the com- 
pany had cash balances of 
more than £320m, boosted by 
the sale last year of Its 52 
per cent stake in Telerate. 

Mr John Songster, Exec’s 
chairman, told shareholders 
in the 1985 annual report, 
published yesterday, that “the 
very substantial cash re- 
sources avaialable to us will 
not be allowed to burn a hole 
in our pocket.” 

Although the group con- 
tinued to look for substan- 
tial acquisitions In the finao- 
cial services sector, it might 
become appropriate for the 
company to buy some of Its 
own shares, he said. 

Consequently. Exco Is seek- 
ing permission to buy up to 
35m shares at not more than 
250p each. 

If the company does pur- 
chase its own shares, it will 
only be the third major com- 
nany, after GEC and Jacob 
Rothschild to have done . so. 

Last March, Exco called off 
merger talks with Morgan 
GrenfelL because the merged 
group fell fool or the Bank of 
England’s O’Brien rales, 
which forbid close links 
between a bank and a money 
broker. 

“This proposal, unfilled 
though It was, demonstrated 

that oar basic objective is to 
add one or two major busi- 
nesses to our existing three 
main activities of money 
broking, stodebroking and for- 
feiting,” Mr Songster said. 



"iRJuLIi 


TTli 


I) : i * Jg'H tin 

\mmam 

rT A a T fi m m w i > i ■ i: n *1 




rOTiWMfciil'IOl 


SSI 


if 1 ' ( l* 1 ' .1 


MB 




fiTm. 




4ir«w i 








ing. Therefore, these costs to 
January 31 (the effective sale 
date) of £S.Im and the related 
tax relief of £L2m have been 
included in extraordinary items. . 

Sales of the subsidiaries 
raised £41m cash, of which the 
leisure side accounted for 
£37 An. .The company’s current 
net borrowings are virtually nli_ 
Earlier in the year fhe com- 
pany had raised £86m through 
a rights issue. 

Sir Alan Dalton, chairman, in 
bis review of trading; says EGG 
International (formerly Clays) 
had a satisfactory half with 
sales levels to all markets at 
least maintained. Paper indus- 
tries in Western Europe and 


bids could . be discarded for 
something in . the , reigoa ; o£ 
£100m market capitalisation, 
with perhaps the -odds; .being 
on the housing construction 

tide This year cash and profit 
generation b sufficiently strong, 
to fund a generous capital 
spending ' programme And 
although International Prilling 
Fluids cannot be expected to 
make much profit -given the 
current climate, it seems to be 
coping better than .some. This 
year ECC could surprise- the 
market by reaching £95m' pre- 
tax. At this, level the -shares 
are on & prospective multiple of 
ll£-It is hard to argue that the 
stocks does not desreve a rating 
closer to the marker s It 


ua $125,000,000 


A Momentum Company 

Floating Rate Subordinated 
Capital Notes Due 1997 


Interest Period 

14th May 1986 


14th November 1986 

Interest Amount per 
U.S. 650,000 Note due 
14th November 1986 

U.S. SI ,772.92 

Credit Suisse First Boston Limited 

Agent Bank 


NOTICE TO HOLDERS OF 

FIRST CHICAGO CORPORATION 

Floating Rate Subordinated Capital Notes 
Due February 1997 

NOTICE IS HEREBY GIVEN !o the holders of First Chicago 
Corporation Floating Rale Subordinated Capital Notes Due 
February 1997 (the "Notes'*) that pursuant to Section 4.02 of 
the relevant Indenture dated as of January 15. 1985. as amended 
by a First Supplemental Indenture dated as of December 15, 
1985 between the First Chicago Corporation (the ' Issuer") arid 
Chemical Bank, Trustee, the Issuer has appointed: 

Swiss Bank Corporation 

Aeschenvorstadtl 

CH-4002 Basle 
Switzerland 

as an additional paying agent for the Notes, where Notes and 
coupons can be presented or surrendered for payment; 
and where Bearer Notes may be surrendered for exchange 
for Bearer Notes, or, subject io any applicable laws and 
regulations, for Registered Notes. 

FIRST CHICAGO CORPORATION, 

by Chemical Bank, 

Trustee. 

Dated: 16th May. 1966 



INTERIM REPORT -1986 


NEW ISSUE 


This announcement appears as a matter cf record only. 


May, 1986 


FI AT FINANCE AND TRADE LTD. 

(Incorporated with limited liability in the Cayman Islands) 


U.S.$100,000,000 

ZERO COUPON GUARANTEED BONDS DUE 1991 

The Bonds will be unconditionally and irrevocably guaranteed by 

IHF-EVITKJNAZIONAl^ HOLDING FLAT SJL 

(Incorporated with limited liability in Switzerland) 

ISSUE PRICE 71.85 PER CENT. 


The group's profit before taxation increased to £140.2 
million for the half year ended 31st March, 1986, compared 
with £1319 million for the corresponding period of the 
previous year. If the same exchange rates as a year ago had 
been used to translate the results of overseas subsidiaries 
into sterling, the group's profit would have been £13.4 
million higher: Earnings per share increased by 10.4%, from 
115p to 127p. 

An interim dividend cf 4.0p pa - share is to be paid, 
representing an increase of 10.0% over the corresponding 
dividend last year of 3.636p per share (adjusted for the 
subsequent one for ten capitalisation issue). 

The group has made a number of acquisitions and disposals 
in the last year or so which distort comparisons between 
the first half of the current year and the corresponding 
period of the previous year. But for the effect of these, and 
the impact of movements in exchange rates on translation 
of the external sales of overseas subsidiaries into sterling, 
die group's turnover would have been higher than a 
year ago. 

The United Kingdom sector made very satisfactory 
progress and achieved a 19.5% increase in trading profit 
compared with the corresponding period of die previous 
year. Higher sales volumes in Brewing reflected the 
substantia] investment in brand development which has 
been made in recent years, whilst Consumer Services 
benefited particularly from the success of its licensed 
retailing and industrial catering activities. Foods' trading 
profit was significantly higher than a year ago despite the 
sale of its liquid milk business in the north of England. 


Turnover 

United Kingdom 
Brewing 

Consumer Services 
Foods 

United States 
Consumer Products 
International 
Hotels 

Wines and Spirits 


Trading Profit 
United Kingdom 

Brewing 

Consumer Services 
Foods 

United States 
Consumer Products 
International 
Hotels 

Wines and Spirits 


The results of thelMted States sectorbOTefiteifepm art 
imp ro v ement in margins in the cig a rette business and 
despite the foil in demand- for fitness equipment the - - 
trading profit expressed in US dollars was 311% higher 
than a year ago. . v t . 

In die International sectof,H6tris rr^mtainKi & tracling' 
profit; even as" the market for hotel accommodation in/ 
Europe began to lose some of its buoyancy. Wines, and 
Spirits .continued to make good progress in almost aD its 
markets and, but for the increasing weakness of the US 
dollar against sterling, would also have achieved a small 
increase in trading pro& 

The reduction in the interest charge was attributable in the 
main to lower interest rates and to favourable exchange rate 
movements. 

The interim dividend for the year ended 30th September, 
1986 of 4.0p per share will be paid on 6th October, 1986 to 
shareholders on the register on 29th August, 1986. The cost 
of the interim dividend will be £34.0 million (1985 - 
£30.7 million). 

A valuation of tire group's main UK pension fund, which 
has assets witha market value in excess of £500 million, is 
currently bring completed by the consulting actuaries. 
Although preliminary calculations indicate a substantial 
surplus, it is intended to await publication of the 
Government's proposals for tire control of pension fund 
surpluses generally before considering how best to apply 

this surplus. 


15th May, 1386 


S.G. Grinstead Chairman 


Half year to 31 March 
(unaudited) 


Year to 
30 September 


ma 

547.7 ‘ 


Datfchl Europe limited 

Nippon Kangyo Kaknmara (Europe) limited 

Banca Commerdale Italians 


Daiwa Europe limited 

Istitnto Bancario San Paolo di Torino 
Limited Prudential-Bache Securities International 


Banco di Roma S.pJV. 

Banque Generate dn Luxembourg SA. C 

CISC limited 

Credito Italiano Dents 

EBC Amro Bank limited Ge 

Mitsubishi Finance International limited 

Yasuda Trust Europe limited 


Banca Naztenale del Lavoro 
Bank of Montaal 
Chemical Bank International Group 
Credit Lyonnais 
Deutsche Bank Capital Markets limited 
Genossenschaftiiche Zentralbank AG 

VMBM 

Sodete Generate 



Profit after extraordinary Items 
Earnings per share 


notes: 

t Profits and kisses at overseas subsidiaries « tr»n*lated Into stating af weighted average rates of enhance 

Z The charge for Ucwfowi is estimated on the basis that the rate erf UK coloration tax will be 37.5% (non j? . ,. . 

rrf £12.9 rrolbon (1985 - £14.4 milhon). ■" * ndud « cmneu taxation 

3. The figures of emtingt per share are calculated by nfoenoe to the profit attributable to onfinary<haw«h« M ^i] e rn ■ 

been adjusted to take account of the capitalisation issue of ore ordinary share for every ten shares held at the do « of 

4. The figure? for the year to 30th Septcmbo, 1995 have been extracted from accounts which hav? been filed with 4 t,V ^ ies f 0 n Jamxary, 198b. 

contain an unqualified audit report. «****«■ of Coatpanfesand 

Grand Metropolitan PLC, 11-12 Hanover Square, London WlA 1DP. 











I by 

svay 

Jieln .. 


Acquisitions cause greater ^ ber J e " 
problems for John Foster increases 


BP FIRST QUARTER RESULTS, 


held 

u. ■■■ 


er ia 

Profit 


■ 

-trig :< 

went ^ 

a nr . * t 


... 


^eSPS.'Si •• 

z&ysti' 

: e • 

n^tii 1 
ihe *,., n » is*.* 

h--4*1** £ . 

i®* f** t£* 

: 

r*w‘Wtft ■ 

fi* - e»s*; 

‘•>r. i« ;'' r '-L!i 
,. l( ‘*^1* 


hklf S2"? 11 ™* second 

SS^ as re f ui '^ In only main- 

u!a aJIS 0 .? f0r ^n Foster 

JSfryffl 19»? 3 £? r ended Fet »- 

* *“86, The ETOun is a 

SSS!! 1 and manafaaurer ot 

£24 «5? ver . *? th * year came to 
«f-33m, against £21. 53m. and 

comM«? X - P u 0fit was ^l-Urn. 

compared with tl.lm. 

Earlier expectations of a 
secoid r “?j >rt>VeiEent in the 

SSIL ^ were not fuU r 

yS5ji5 ar,| y due » deferment 
existing orders from 
markets affected by the weak 

^ngs » a holt 
tte group s rapid rate of growth 
since its losses in the early 
eighties. Profits of £245.000 were 

ofTiT 2 i°„ 2fl82 -®3 with £502,000 
W the following year. 

The directors say recent 
acquisitions have caused greater 


problems than originally 
expected; furthermore, the cost 
of these involved disbursement 
of significant cash and the com- 
pany has suffered from high 
interest rates— the charge for 
Che year rose from £550,000 to 
£723,000. 

In spite of less advantageous 
world trading conditions, 
export business (particularly in 
the Far East) continue to 
flourish. There has been a satis- 
factory increase in exports to 
Europe with sales rising by over 
one-third lo reach £7m. 

After tax of £123.000 
(£116.000) earnings for the year 
arc shown at n.4p (11 ip), and 
the final dividend is 2.5p for a 
net total of 3.5p (3p). 

• comment 


Relative to the market John 
Foster has been travelling 
sideways since the beginning of 


1 9S1 — -a trend totally justified 
by yesterday’s disappointing 
figures. Despite the confidence 
of last November, profits are 
barely higher than the previous 
year and still short of the 
figure earned in the dim and 
distant past of 1974. An accus- 
ing finger waves towards the 
last acquisition. Pepper Lee. 
which brought more problems 
than Foster envisaged. Two 
sets of consultants have been 
running through the group and 
increased efficiencies (i.e. 

reduced manning) may come 
in time for Foster to make the 
£L8m this year that everyone 
had anticipated for the past 
one. If not then the shares may 
find it an Insurmountable task 
just to keep tracking in line 
with the market even though 
the historic p/e is under 8 after 
yesterday’s 12p fall to 88p. 


provision 


Warner Estate 
lifts profit 
and interim 


Advertising revenue perks 
up to boost Radio Clyde 


Tr-' 2 *! >»; 


:: ;:7?\ 


A substantial increase in 
property income, with acquisi- 
tions over the last two years 
providing the major contribu- 
tion, has enabled Warner Estate 
Holdings to lift its pre-tax , 
profit from £I.63m to £1 59m for 
the half year ended March 31. 
1986. 

Earnings are up from 9.36p to 
1251 p per share, and the in- 
terim dividend is raised from 
6p to 7.5p net. 

The trend to rising rents 
should continue as recently 
completed developments become 
revenue producing, 

Bad weather and low gross 
margins continued to depress 
the builders* merefaanting sub- 
sidiaries. 

Extraordinary credits of 
£2.67m — surplus on selling 
vacant dwellings £ 1.56m and 
profit on sale of fixed asset 
investments fUlm — have been 
taken to reserves. 


THE decline in net advertising in 3985, and (he benefits of 


revenue experienced by Radio 
Clyde in the year to September 
30— in the year, pre-tax profits 
fell from £624,000 to £336.000 
— has been arrested, and in 
the sue months to March 31 
19S6 this independent local 


radio station made considerable 


these are reflected in the 
increase in profits and will 
continue to flow through during 
the remainder of the current 
financial yea*-, say the directors. 

First half turnover improved 
by 17 per cent from £2. 12m to 


Nearly £lm bos been wiped 
off the 1985 preliminary 
profit asnaaacrd on May 2 
by the Aberdeen Construction 
Group. The final dividend, 
however. Is to remain at the 
recommended 5.7 p net. 

On tbr stock market the 
company's shares fell by 8p 
to 252p. 

The directors explain that, 
since the preliminary an- 
nouncement, reappraisal of 
the potential results on dvll 
engineering work has ascer- 
tained that a contract for a 

water treatment plant In 

Derbyshire will result In a 
further loss for which no 
provision has been made 
amounting to £960,000. This 
contract will be completed In 

this year. 

They are providing for that 
amount ia the group accounts. 
This means that the profit 
before tax is revised to 
£3.67m, against £4. 86 m In 
1984, and earlier earnings of 
31.71p ( 16.61 p) come down 
to 28.01p, after a tax charge 
Of £964.000 (£2. 11m). 

Dividend total Tor the year 
is 8p (7J5p). 


Historical cost profit 
Replacement cost profit 
Earnings per share (historical cost) 


1986 1985 

First quarter First quarter 
02 m £51 5m 

£740m £402 m 

1.2p 28.2p 


progress and pre-tax profits 
increased by 66 per cent from 
£189.167 to £314.284. 


£118,000 compared with £80.000, 
leaving attributable profits 
£87.000 higher at £196,000. 

The interim dividend for both 
voting and non-voting shares is 
again l-25p net — last year’s 
total was 3-25p. Dividends 
absorb £71,000 (same), for 
retained profits of £125,000 
(£38,000). Stated earnings per 
25p of this USM company were 


Midway growth 
for Western 
Selection 


The figure was after adjust- voting and 

non-voti 

ment for the IBA secondary ain 1J5p net- 
rental and Exchequer Levy. was * 3 35 p. 

Net advertising revenue In £71 000 ( 

the opening half was 4 per cent reined profits 1 
up on the corresponding period (£33 qoo). Stated 1 
last year. Trading since March 25p of fris USM co 
81 indicates a further improve- 3 430 against 1 91 p. 
ment in the current quarter. 

There was also an increase in ■ 1 " 

revenue from non-broadcasting BOARD MEETINGS 
entertainment during the six ^ 
months. — 

Tho loHowInfl contf>an!< 

Radio Clyde instituted a dnac at boom mooting 
number of cost-cutting measures c* charge. Such moatin 


FAN 



British 

Mohair 

Holdings 


Public Limited Company 


HIGH LEVEL OF ACTIVITY 
THROUGHOUT THE YEAR 


Highlights from the statement by 
the Chairman, Mr. Charles M. Fenton: 


Tha toHowliK) companies have notified 
dates at board meetings to the Stock 
Eechenge. Such moebnga bio usually 
held tot the purpoaa ot considering 
dividends. Official indications ere not 
available as to whether the dividends 
ere interims or finale and the sub- 
divisions shown below ere baaed 
mainly on last year's amecabie- 
TOOAY 

Finals: Boosey end Kawkaa, Compre- 
hensive Financial Services. Davenport 
Knitwear, Fob International, Sapphire 
Pamteum, Whitbread investment. 
Yorhiyde. 

FUTURE DATES 

Interims; 

Polly Pack May 30 

Smart (J.) (Contractors) May 2fl 

Wolverhampton and Dudley 

Breweries May 29 

Finals: 

British. Borneo Petroleum Synd. May 22 

Cariess Cupel and Leonard ... May 23 

Clayton" Properties tMay Ifl . 

Country and New Town Props. May 30 I 

Goldberg (A.) May 27 

Harrisons end Croafietd May 28 ' 

Monks and Crane May 21 

Piccadilly Radio June 6 


Western Selection, the lele- 
commoo lea dons wire and 
cable maker and general 
investment portfolio manager, 
has raised Its pre-tax profit 
for the half year ended 
March 31 1986 from £38X000 
to £586.000. The directors say 
the growth of the core busi- 
ness continues most satisfac- 
torily and Is expected to 
justify further capital Invest- 
ment la the medium term. 
The outlook for the remainder 
of the year is described as 
exciting. 

The market value of the 
dealing portfolio at March 31 
was £L07m compared to a cost 
of £859,000. The company 
has since adopted a conserva- 
tive investment policy, secur- 
ing further profits and adding 
to short term liquidity. 

Half year’s profit includes 
surplus on sales of invest- 
ments £151.000 (£108.000) and 
provision released on invest- 
ment portfolio £33,000. Earn- 
ings are 3.72p (2.27p) and the 
interim dividend l-3p (lp). 

Hie growth in cable sales 

to the telecommunications in- 
dustry produced a significant 
improvement in operating 
profit, in spflte of Increasing 
competition. 


A dramatic drop in crude oil prices heavily influenced 
BP'S resuits this quarter But despite significant stock- 
holding losses, the Group produced a very strong trading 
performance. 

BP is taking positive steps to preserve its financial 
health by tightly controlling planned capital and operating 
expenditure. 



Britain at its best 


4: Turnover increased by 10% to £40 mHRon- 

* Profit before tax £3.474,000, compared with £4,210,000, 
and Jn line with expectations. 

* Ibtal ifividerid for the year 6.0p (same), covered 2.94 times 

by earnings after tax. -. 

at Activity in all parts of business, remained at a high level 
throughout the year. 

$ Substantial J export orders booked . by . British Mohair 
.Spinners since the year end. Demand from certain other 
markets remains weak. Activity in other group companies 
satisfactory. " . . 

* Performance for whole year should not (filter very 
materially from that of 1985. 


British Mohair Spinners - 
Geo. AcKroytJ junr 
Jefsmrab Ambler (Ulster) 
Crofion Yams 
Keighley Fleece MUs- 
Sark Bros. 

T.Mot Engineering 
WB.aU. Atkinson 


Maurice Goggin 


Goggtns 

The Jewel Razor Co. 


Sevring Machine Parts . 

(acquired 30th April 1986) 


Worsted spipnere 
Commission combers 
Worsted spinners 
Synthetic yarn processors 
Property company 
W&oHen spinners 
Acoustic engineers - 
Manufacturers ot textile 
machinery accessories 
Spinners ol hand 
knitting yams 
Merchants of paper and 
packing materials 
Merchants of paper and 
packing materials 
Manufacturers of industrial 
-surgical and razor Wattes 
Sunders of industrial 
sawing machine parte 




Hie Australian Industry Development 
Corporation 

(A Statutory corporation, wholly owned and guaranteed by the 
Commonwealth of Australia) 

U.S.$100,000,000 

in* PER CENT. NOTES DUE 1990 


NOTICE IS HEREBY GIVEN that, pursuant in Condition 6(h) of 


the Notes, Citibank. N.A. as Fiscal Agent, has selected by lot for 
redemption on June 2, 1986 US$7.ftfX>.UX> principal amount ot said 
Notes at ibe redemption price of 101% of the principal amount 
thereof, together with accrued interest from February IWri to 
June 2, 19K6 (94 days). The value of each Note is USSS.U5I) plus 
interest or US$165. Do total USSS.20S.03. Ou islanding Bonds bearing 
serial numbers ending in any of the following two digits have been 
selected by k»t for redemption: 15 17 29 42 4o 8) 88. 


Payment will be made upon surrender of Notes together with all 
coupons maturing after the date fixed for redemption, at the offices 
of tne Paying Agents as shown on the Notes. On and after June 2. 
1986 interest on the Notts will cease to accrue and unmaiured 


coupons will become void. 

Outstanding after June 2. 1986 USS32.0U0.0niV 


Mav 16. 79S6 

By Citibank. N.A. fCSSI Dept.) 
London Fiscal Agent 


CfTIBANC O 



BASE LENDING RATES 


Ir ' Wtk : Financial fc Gen. See 1W 

gaSsS5=*» M££r= as 

St ■•SSSBSBfcz St 

SSkHapoBlia- WJ .hSsSSS 

MW CHoare&Co Mta 

Bank Credit* C 0 ®® — A Shanghai Wk 

^ IK* JotmsonStotflrey — W0 

BankonroUUML- - Kntwsler&Caltd U 

BKffikoflPqia — • IMS 


The Great Northern 
Telegraph Company’s 
Holding Company Limited 


l Registered in Denmark, Na 9181) 


RIGHTS ISSUE 


Bank of Scotland --r- 

Basque Beige Ltd — 

SriPSHr Mid. Bast. 
i Brown 


Wt " UoydsBank; — 1W 

WA Edward MaiUKm& Co — tM 

mu J Hudira j A Song Ltd HU 

Uto Uti&dBank Wt 

IWA t • Morgan Gr enfh ll ;■■■ — WA 

tMk. Motttf Credit Corp. Ltd — 5W4 


CLBM kNcJgjff National (Srobank W* 

CanqdaPerma nem mt National Westutauter^—. W* 

C» Nwthara Bwtfcrrt - - — Wt 


The Great Northern Telegraph Company’s Holding Com- 
pany Limited I'the Company") announces that at a meeting 
of the Board oFDirectors held on 19th March, 19Sb a reso- 
lution was passed to increase the issued share capital of the 
Company from DJKr. 49,140,000 to D-Kr. 73,7)0,000 by 

offering new shares with a nominal value of D.Kr. 

24,570,000 for subscription in Danish Kroner at a price of 
430 per cent, of par, the Company’s existing shareholders 
having prior subscription rights. 

The new shares will entitle their holders to the foil amount 
of any dividend to be declared in respect of the year ending 
30th June, J9S7 but not to dividends in respect of earlier 
periods. In all other respects the new shares will rank pari 
juusuwith existing shares. 


Otibank NA : 


Oty Merchant* 1 
mwiefldsleBank 


MH&" 1 MCKmbs.I«0.(UK)~ — UJ* 
tUUB PiwineialTnistLtfl — Jlfc 
UVk • B.HiqJhaelfcSoM — W 

W Boxtogte^amdee-— U 


g* Royal Bonk of Scotland^. J m 

SalTrort Co. Canada- W 


A copy of the Circular to Shareholders dated 15th May, 
1986, which includes Listing Particulars relating to the 
Company in accordance with The Stock Exchange (Listing) 
Regulations 19S4 t has been delivered to the Registrar of- 
Companies in England and Wales as required by those 
Regulations. 


SSSjs®H=B 

Houses Coawiatt. *7-dlj ti*postofc38%. 

X4Mn* Cdl defwsrts £WOO and ww W* ■ 

wtiefl nSfSSww** dapdOt 635%. Mortgage 11% 

(BOSS. 1 • • 


Copies of such Circular containing such Listing Particulars, 
and giving foil particulars of the Rights Issue and the pro- 
cedure for exercising such prior subscription rights, are 
available to shareholders, together with the related lodge- 
ment form, at Hambros Bank Limited, Stock Counter, 
41 fiishopsgate, London EC2P 2AA during normal 
banking hours from toddy until 26ih June, 1986. 


This announcement appears as a matter of record only 




Export 

Development 

Corporation 


Societe pour 
■'expansion 
des exportations 


(An agent of Her Majesty 
in right of Canada) 


(Mandataire de Sa Majeste 
du chef du Canada) 


ECU 100,000,000 
6 3 /s% Notes Due 1996 


Issue Price 100 % 


BANQUE PARIBAS CAPITAL MARKETS LIMITED 
DAIWA EUROPE LIMITED 
DEUTSCHE BANK CAPITAL MARKETS LIMITED 
KREDIETBANK INTERNATIONAL GROUP 
UNION BANK OF SWITZERLAND (SECURITIES) LIMITED 


BANQUE BRUXELLES LAMBERT S.A. 

BANQUE GENERALE DU LUXEMBOURG S.A. 

BANQUE INTERNATIONALE A LUXEMBOURG S.A. 

BANQUE NATION ALE DE PARIS 
COMMERZBANK AKTIEN GESELLSCHAFT 
CREDIT COMMERCIAL DE FRANCE 
CREDIT SUISSE FIRST BOSTON LIMITED 
DOMINION SECURITIES PITFIELD LIMITED 
EBC AMRO BANK LIMITED 
ISTITUTO BANCARIO SAN PAOLO DI TORINO 
MORGAN GRENFELL & CO. LIMITED 
ORION RO YAL BANK LIMITED 

OESTERREICHISCHE LAENDERBAN K AKTIENGESELLSCHAFT 
SWISS BANK CORPORATION INTERNATIONAL LIMITED 
YAMAICHI INTERNATIONAL (EUROPE) LIMITED 


AfilZ Merchant Bank Limited 

Banco Cammerciole Italian a 

Banco di Ruma 

Bank Wfo & Hope HV 

Bank of Tokyo International Limited 

Berliner Bank Akiienger^lUchaft 

Citicorp Bank Limited 

Credit Agricole 

Credit du Hurd 

Den nurahe Credit bank ( Luxembourg I S.A- 
Kyoua Bank Seder land N.V. 

Mitsui Trust Bank (Europe) S-A. 

Nippon Lumpen* Bank S.A. - LTCB Group 
PK Christiania Bank (UK) Limited 
Sal Oppenhetm jr. & Cte 
Sumitomo Finance International 
Takuein International Bank (Europe) S.A. 
Union Bank wf Norway Sparebanken ABC 
Wealpcc Banking Corporation 


Al-Mal Group 
Banco Manutardi A C. 

Bank fur GemeinKirtKhvft AktiengesefUehafl 
Bank of Montreal 

Banker* Trust International Limited 
Cai*te Cent rale dee Banques Poputaires 
Compagnie Monegatque de Fantjue 
Credit Industrie! d'Alsacv et de Lorraine 
Doi-/rIit Kangyo International Limited 

Deutsche Girwenlrale ■ Deutsche Kammunalbcnk • 
Lloyds Merchant Bank L/mimf 
Moseley Capital Markets Ltd. 

Nippon Kangyo Kakumaru ( Europe ) Limited 
Prudential-Baehe Securities International 
Sanwo International Limited 
Sumitomo Trust International Limited 
Tokai International Limited 
United Overseas Bank (Luxembourg) S.A. 
Wood Gundy lac. 


ALSaudi Banque (AJS BJ 
Banco Nazionale del Laiwo 
Bank Leu International Ltd 
The Bank at Af«a Scotia Channel Islands Limited 
Barujiup de Neuftiee, Sc h lumber ger. Mallet 
Chase Manhattan Limited 
County Bank Limited 
CrUit Lyonnais 
Den Danske Bank 
Goldman Sachs International Carp. 
Mitsui Finance International Limited 
The Nihko Securities Co., (Europe) Ltd. 

Paine Webber International 
Rabobank Nederland 
SparvkamnSDS 

Taiyo Kobe International Limited 
The Toronto Dominion International Limited 
Vereins- und Weslbank AkliengeseUschaft 












NOTICE OF REDEMPTION 

Ty the Holders of 

WESTPAC BAMCING CORPORATION 

I2lb% Suixirdioated Bonds due 1992 

NOTICEISHER EBY GIVEN that, pursuant to the prarisions of the Trust Deed dated January 
31, l9oo. So, 000.000 principal amount of the above described Bonds has be»*n selected for re- 
demption on June 18, 1986 at a redemption price of 101 Vb of the principal amount I hereof, 
together with accrued interest to said date, as follows: 

BOM*? OF US. *5,000 EACH 

t }J??i mi 56t« 63=9 8272 5>f.77 1083? t?lhl 13575 14931 1«?52 17295 1*290 19590 
* 1616 2725 4164 5S2I 694$ *315 9593 10*91 12172 13607 M967 162*4 17305 I82V2 19592 


l-W 'SO 2969 4468 5789 71b8 6537 9798 UU33 12436 13858 15163 16492 17522 18503 19647 

1* -SI 5*l»» 719b 8563 9*06 11039 12437 13*72 15191 16403 17.1:0 18505 19650 

jg£ IdOS 29*9 4484 5816 7204 8596 9833 II (*47 12458 13896 13198 lfi-W.1 17541 J8534 19669 

5SS i 4 *® 552? 72 16 96*12 9*62 11063 12469 13915 152 IS IlMV 17547 18361 19*174 

■1W ItC9 3037 4498 5&»1 7228 9*527 Wfl! 11075 12479 13927 15221 16472 17575 18633 J9679 

*■** l«v> 22 ?5J i2“i 5 903 s&i W30 9919 11084 124*9 13939 JS22.V 1*5497 17577 1*661 IMS* 

?ls }*Z* 3®W 4529 5905 730. *633 9958 ]119u 12496 13947 15226 16515 17621 19693 196*4 

JtJ*5 3t08 4541 5914 737S MM1 9977 11195 12508 13972 13229 16522 17634 187117 19697 

.1*0 1895 3122 4572 5991 7330 8693 9995 11201 12513 13MM lXMfi 1657* 17636 16727 1970* 

384 1901 31u3 4575 5968 7341 f 7»>7 1«M4 11213 125*1 13988 15248 16.715 1 7641 18748 I" 

J* 1 .* 1906 3196 4603 5972 7347 *747 10036 11237 12603 13992 1530.1 16561 17617 1*789 19- — 

y«* }£* 3S37 “Si 3 5991 *748 100)54 11288 12608 1100* S3J2I 16501 1 7rt*»S 1*796 19714 

4" l 19o9 3304 4670 MH9 7414 *774 10»77 1 13*MI 12*47 14023 15336 1*592 17700 1*625 1971* 

4.(6 2UQ0 33u5 4*72 6033 7437 878-1 lnoW 1C*U 12652 14031 15375 16*22 17713 18890 197J9 

445 2005 3368 4722 *064 7490 8797 10116 1 l i.n 12663 14034 1 VJOO l rt*'.2i* 17731 18902 197.W 

451 2027 3375 47*9 6069 7493 879* 1"I3! 11.1*2 12674 14074 1.5433 16*29 177.17 1*913 19745 

521 21(28 3379 4792 0072 7498 ftftflw 101 SI 11372 12675 J4129 15497 16*47 1773 m 1»915 19749 

KI1 2034 3390 4807 6075 77W2 8847 10180 1 1425 127.VI 14213 15505 J 6656 17647 16934 19752 

R c 4l 21152 3391 4*08 6CWV 7503 w>75 1IH95 11426 12768 14234 15513 1*6*2 176*1 1*970 19770 

a 74 2064 339* 4*26 6091 7516 JWU3 102":: 11427 127*9 14248 15527 1*663 17*63 19049 1977S 

590 2091 3430 4*3.1 6115 7521 *90* HtW* 11441 12871 14269 155*4 l*t>69 17*8.1 ]on;<i JOT**) 


878 2249 350h 4992 6228 7726 *958 102*4 11564 12945 14375 1:56*4 16796 1794* I9X*1 19836 

859 2258 350/ Siat 6J05 7728 *961 10295 11567 12952 14401 IWS 1679ft 1 7952 19337 19*39 

*93 2262 3536 5063 6328 7761 9*nM 10.* 17 11577 131*12 14402 1ST "5 I6*d2 179.S* 19375 19845 

934 2302 3539 St.iftS 6334 77*9 900". IMHO 11615 130113 14405 15722 16815 17961 ]»38n 19*47 

S*3* 2303 3577 SUM 6375 779* WM* 111321 11641 13072 14427 1 .726 16*5" 179*4 1939J 19848 

<141 2304 3579 5115 64iV! 78X1 9062 10326 11648 13104 14521 15761 16fto* 1796* 19402 190*7 


1147 2439 3850 .-»:m 8 6621 793H 9327. HT.25 11704 1330* 14695 15926 17064 1HI2* 1'JSlll 19967 

1162 2470 3364 5XS *6.V> 7953 9341 10545 11731 13307 14*97 15929 17"9« 13130 19502 19968 

1174 2492 3895 Sj'JO 6641 7962 M51 10.58 11772 13323 14725 15931 17116 1814ft 1950.! 19969 

1198 2531 3*97 n‘.:39 665* 79H7 9361 li>59* 11804 13331 14750 15962 17127 18175 l«*50u 19«77 

1205 2550 3902 V«S8 6688 7981 9377 llitfil 1 1 82 1 13334 14791 15963 17168 1818ft 19514 199*4 

1245 2552 3904 5.16* *690 *11.78 9384 10622 llftTy 13350 14800 15995 17174 1*190 1*522 1 9902 

1261 2553 390* 5369 *715 «n72 94 "7 10(131 11904 1.1361 14822 1*027 171*9 18221 ]"526 19993 

1298 2562 3915 5430 6725 ¥077 9416 10634 11967 13367 14828 1602ti 17198 1*222 19529 

1306 2564 3936 5431 *7.U *092 9464 1W6 11968 13377 14850 1WJ38 17205 18227 19549 

U97 2574 399.1 54 4 S 6791 8149 9-170 1-W49 1199" 13428 14862 16089 17213 1*234 19550 

1441 2595 4001 5449 6797 *1*8 9515 1»670 11991 13433 14884 16090 17214 182S2 1957.1 

1505 2*07 4064 S3u6 66**1 8191 9527 107*9 12048 13534 14889 1*10" 17221 1825ft 19553 

15*7 26 J l 4093 55*7 6868 82*17 ?*SJ1 1U797 12088 13562 14890 161.13 17233 162hl 19574 

15R4 263* 4106 5597 *872 ft2»ft 95.« HW2* 12108 13563 14902 1*198 1725ft 182*7 19580 

1597 2668 4113 5605 6915 &26J V558 los33 12141 13572 14925 16213 17272 18270 19589 

On June 18. 1*186. the Bon.is designated nl*ave will became due ami payable as aforesaid in 
such coin or currency of the Edited S/a(e- _ of .America as at (he time of payment shaU be legal 
tender for public and private dcbls. The said Bonds will be paid, upon prewmal ion and surrender 
thereof with coupons due January 31. 1*987 and subsequent attached, at the option of (he holders 
subject to applicable laws and regulation*, at the main office* of Morgan Guaranty Trust Company 
of New York in Brussel*. Frankfurt (Mainl or London, or fur-diet bank 5. A. Luxembourgeoise in 
Luxembourc, or Swiss Bonk Corporation in Basle. Pavments at the offices referred to above will 
be made by a cheek drawn on. nr bv a transfer to, a United States dnILir account maintained by 
the payee with a bank in New York City. Any payment made by transfer loan account maintained 
by the pavec with a bank in the L'nitcd State* may be subject to reporting to the United States 
Internal Revenue Service I IRS I and to backup withholding of 20"u of the gross proceeds if payees 
who are not recugni/ed as exempt recipient* faU to provide the paying agent with an executed 
JRS Form W-3. certifying under penal lies of peijury that the payee is not a United States person 
nr an executed IRS Form W-9. certifying under penalties of perjury the payee's taxpayer kienti- 
fi rat ion number (employer identification number or social security number, as appropriate). 
Those holders who are required to provide their correct taxpayer identifuation number on IRS 
Form W-9 and who fail to do so may also be subject to a penalty of $50. Please therefore provide 
the appropriate certification when prc*enting your securities for payment. 

On and after June 18, 1986 interest shall "cease to accrue on the Bonds herein designated for 
redemption. 

WESTPAC BANKING CORPORATION 

Dated: May 16, 1936 


NOTICE TO LOMBARD DEPOSITORS 




105 


14 Days Notice 

Hinbmim deposit is £2,500 

I 7-47* 110-52* 


Interest is crodkad on each puDHaned rata 
change, but not leas than half yeari* 


Lombard 

North Central 

17 Bruton St, London W1 A 3DH. 


A FINANCIAL 
TIMES SURVEY 

CORPORATE 

COMWJRICATIORS 

Tuesday 10 June 1986 
For further information, 
please contact: 

NINA J AS INSKI 
on 01-248 8009 ext 4811 
FINANCIAL TIMES 

Europe's Easiness Newspaper 


LADBROKE INDEX 
U0O-U06 (-20) 
Based on FT Index 
Tel: 01-427 4411 


NOTICE OF REDEMPTION AND 
TERMINATION OF CONVERSION RIGHTS 

KAWASAKI STEEL CORPORATION 

(Kawasaki Seitetsu Kabushiki Kaisha) 

U.S. $100,000,000 

5Yt% Convertible Bonds Due 1996 

NOTICE IS HEREBY GIVEN that, in accordance with the provision of the That Deed dated 1st 


THE CLOSE OF BUSINESS ON JUNE 17. 1986. 

For the information of the bondholder the reported closing irkas* the Com®™ ®jSf5SSS?hiSh2 
on the Tbkyo Stock Exchange during the period from April 7. 1986 to May 6. 198&r^«*Sfrmnahi^» 
Yen 163 to a low of Yen 162 per share. The reported closing price of such share* on the 3**yo »toc» 
Exchange on May 12, 1986, was Yen 162 per share. 

KAWASAKI STEEL CORPORATION 

Br. The Bank of Tbkyo IVnst Company 

aa AtKipoi ftxying and Conwreton Agent 

Dated: May 16. 1986 


NOTICE OF CALL AND REDEMPTION 

To the Holders of 

The Bank of Tokyo, Ltd.. Portland Branch 

Mncorpwaied with hnued ’isMity in Japan) 

US$10,000,000 Callable Negotiable Floating Rate 
Certificates of Deposit due May 29, 1987 (the "Certificates") 

Notice is hereby given that, pursuant to the provisions of the Certificates. The Bank of Tokyo, Ltd.. ^Portland 
Branch {"the Bank”) will prepay the outstanding principal amount of the Certificates identified below ^ hiH cm May 
30. 1986. the next Interest Payment Date, together with the interest accrued to that date. Payment win be made 
against presentation and surrender of said Certificates at The Bank of Tokyo Trust Company at 100 Broadway. New 
Ybrt, NY 10005. The Certificates being called are as follows: 

Total Number of Principal Amount Aggregate Principal 

issue Date Certificates Redeemed of Certificates Amount 

November 29. 1982 10 $1,000,000 $10,000,000 

(Nos PT6801-PT 6810} 


The Bank of Tokyo, Ltd.. Portland Branch. 41 1 SW 6th. Portland. Oregon. 97204 


.Financial Tinies : 3^iday M^y . 

UK COMPANY NEWS 


ISSUE NEWS 


Charles Barker valued 
at £30m in SE flotation 


BY LUCY KELLAWAY 

Charles Barker, the second 
largest communications group 
in the UK. is being floated on 
the Stock Market with a value 

of £30 .2m. 

Full details are advertised 
today of an offer for safe of 
5m shares by J. Henry Schroder 
Wagg at 150p. About one- 
quarter of these will be used 
to finance the purchase of 
Norman Broadbent Interna- 
tional, the executive head- 
hunters. The remainder of the 
shares are being sold by 
existing shareholders. 

The company, which was 
founded in 1985, now consists 
of four main areas: advertising, 
public relations, human re- 
sources and sales promotion. 
Charles Barker claims to have 
pioneered a move towards 
offering a broad range of ser- 
vices, something which the rest 
of the industry has followed 
more recently. 

In public relations and human 
resources Charles Barker pro- 
fesses to be the second largest 
company in the UK. 

Throughout its activities, the 
company has over L.100 clients, 
of which the tap fifty account 
far 52 per cent of operating 
income. The largest single 


client, Plessey, represents 9 per 

cent. 

Traditionally the company has 
had strong links with the City, 
and recently has been acting 
for Allied-Lyons, Debenhams. 
BET, Rank, Guinness and Ples- 
sey in their take-over battles. 

Norman Broadbent, which is 
being acquired for an initial 
consideration of £L2m and a 
further performance related 
payment of an estimated £3.4m, 
is only four years old and has 
grown from a company maki n g 
profits of £111,000 in 1083 to 
£lm last year. 

Over the past five years 
Charles Barker has grown 
steadily in terms of both trill- 
ings and profits. In 19S1 it had 
billings of £69m, and trading 
profits of £535,000. compared 
with billings of £137m and pro- 
fits of £2.6m in 1985. 

The offer for sale figures have 
been produced on a pro-forma 
basis as though the two com- 
panies had been together 
throughout 1985. On this 
assumption, the shares are being 
sold on a historic price earnings 
ratio of 182 per cent. The yield 
at the offer price is 2.8 per cent. 

The applications list opens on 
May 21 and dealings start on 


May 29. Cazenove is broker to 

the issue. 

m comment 

One of the best things that 
Charles Barker ever did was to 
buy Norman Broadbent. It has 
paid a mere p/e of 11 for a 
company that has grown ten 
fold in four years and is sow 
making more than a third as 
much profit as Charles Barker 
itself. This deal has subsidised 
the flotation and allowed the 
institutions who want; to. sell 
to do so at a handsome price, 
while still presenting a fairly 
attractive package to potential 
investors. Indeed, the pro- 
forma rating on the enlarged 
group is positively down to 
earth compared to others in 
the sector. And while Charles 
Barker is not one of the more 
dynamic companies in the 
industry, neither could it be 
described as especially risky, 
with its weight of experience 
and breadth of business and 
clients. It is perhaps odd that 
the company should stress old- 
fashioned advertising as the 
strongest candidate for internal 
growth, as this has been one of 
its less successful markets, and 
one which promises none of the 
spanking growth of PR or sales 
promotion. 


Alumasc launch on SE 
prices it over £ 18 m 




BY RICHARD TOMKINS 

Alumasc, the beer barrel-to- 
locks group bought out by its 
management from Consolidated 
Gold Fields in mid-1984, comes 
to the stock market today with 
an offer for sale of 4.5m shares 
at 150p a share. 

Its value at the offer price 
will be £18.4m and with profits 
of £2.7m forecast for the year 
to June, it is being floated on 
a prospective price/earnings 
multiple of 10.3. The issue is 
sponsored by Barclays Merchant 
Bank with De Zoete Se Be van. 

The company has two arms. 
The first, Alumasc Ltd, is best 
known as Britain's biggest 
manufacturer of beer barrels, 
but it also designs and makes 
a range of other products In- 
cluding beer dispensing equip- 
ment aluminium rainwater 
guttering and precision com- 
ponents. The second is 
Inge rs oil Locks. 

Alumasc suffered badly dur- 
ing the recession of the early 
1980s and the management 
responded with a programme of 
retrenchment The profits 
record of the last five years has 
been patchy but tbe pre-tax 
figure has risen from £695.000 
in 1981 to £2.4m for the year 
to June 1985. 

Of the 4.5m shares being 
offered, 1.1m are being sold by 
existing shareholders and 2.4m 
by Barclays Development 
Capital, which funded the buy- 
out The 980.000 shares being 
issued by the company will raise 
about film net which will be 


used to repay part of the bor- 
rowings incurred 

Although beer consumption 
in Britain is stagnant Alumasc 
says that the proliferation of 
new beer brands is buoying 
demand for containers and it is 
also planning to expand into 
making stainless steel kegs. The 
group also expects strong 
growth in its other divisions. 

• comment 

The twin blows of recession and 
the decline in beer drinking 
treated Alumasc cruelly in the 
early 1980s and its survival 
today is a tribute to tbe skills 
of its management and adapt- 
ability of its workforce. How 
the market will perceive it is 
another matter, born of Gold 
Fields’ decision to opt out of 
industry and stick to its last, 
the group in its present form 
looks something of a rag-bag of 
at best loosely-related activities 
and is probably best know for its 
slowest growth product, the 
beer keg. The non-beer related 
activities have been moving 
ahead strongly and promise 
more of the same, but these 
account for only half the profits 
and prospects of real excite- 
ment at the pre-tax level hang 
a little uncomfortably on the 
beer barrels and taps. That said, 
the prospective p/e ratio is set 
at a modest discount to the 
mechanical engineering sector 
and should promise an equally 
modest premium if the market 
does not succumb to its Jitters. 


USflOO 000 000.- 

Credit Suisse Finance (Panama) S.A. 

11%% Guaranteed Notes, Series A, due 1992 
and 

100 000 Warrants to subscribe 

US$ 100 000 000.- 1 1-Vi% Guaranteed Notes, 

Series B, due 1992 

NOTICE IS HEREBY GIVEN, pursuant to the Terms and Conditions of the captioned issues, ihal 
USS 1 OX) 000 principal amount of Series A Notes have been drawn for redemption at 101% of their principal 
amount. 

Tbe serial numbers of the 1 000 Scries A Notes of L'SS 1 000 each, drawn for redemption and representing 
USS 1 000 000 principal amount , are as follows: 


13 J 5040 
2*.fl SOJS 
2*3 

*ft 5J*0 
*e» 

sni 

5 J99 
sari 
3*3 5904 
35* 5*31 
954 J»ei 

ICJ3 5I»/ 

llftfl 30 * i 

lt?J 410V 

u:i **?9 

1 M5 493* 
•I«l **59 
15*2 70*9 
1*50 911* 
1*77 TITO 
1771 7SBT 
179T Mil 
111* 

1352 75ftf 
JAtl 7401 
l'ftft 731* 
1050 70X7 

:;:9 73*2 

240* 31*0 
net ooia 
2 ISA 3917 
5*2* 3*1* 
271* 3*J» 
)f«a $*-i« 

317? 0**1 
3ft 78 *00* 
1039 0222 
3551 «*D5 
3*29 *43* 
3T?3 «**0 
*05* 9*04 
41 M 9*99 

*273 0740 
*ceo •r?* 

4934 4774 1 
5020 925ft ! 


t 10093 22535 
10130 22*15 
IOI9I 22*1 * 
10J*2 22*71 
10332 **«*« 
1*392 »«•.? 

I ora* 230** 
j!«»t 2J» ?4 
23022 2342* 
20Q34 29*10 
291*2 2I«02 
2030* 2 IB** 
70JD9 21021 
20513 2I0|| 
2051* J*:»2 
20312 2*121 
20550 2**18 
2051V 24529 
20*19 24*J* 
23710 2«4T| 
2B9S9 2*7(4 
2005* 2* 7Js 
21*03 2*799 
21*9* 2**il 
21**4 23107 
21*30 2319>- 
224JO 23203 
21 6 1 1 79183 
2|*?1 35*2* 
21*20 21*71 
21*39 2999* 
21 53* 257 30 
219*0 2MQ3 
21902 200*1 
21103 24072 
21307 2*27* 
71900 24*33 
2IROO 2***0 . 
72003 24*03 
210*8 24*05 
72471 24414 
22120 2**39 
223*4 9**34 
22371 2440* , 

22940 94335 

22541 2**i 7 

rr5*5 270B4 . 
22930 3**34 
7355 J IT*** 

22001 2Tn95 


*244* 44417 
47*70 *4770 
I 42371 «7Q0* 
*9001 47|41 
’ *2077 47219 
43000 *7397 
*1014 47*93 
43101 47410 
*111* *7420 
. 43115 **931 
*5125 47*|3 
, *3920 *7*49 
43413 47025 
43419 *7024 
*3124 47*25 
429*2 4722* 
4JOO* *9071 
*»9fi *1039 
4*094 4BI01 
4*137 4BI4* 
4ft42t 4*100 
44344 80240 
4*737 *0330 
I 4*239 *3**0 

440T2 ft|ftO| 

49004 *9520 
*3207 4S335 
> 43230 40*01 
49ZJI 06042 
45338 40714 
*55*4 *1792 
*01*9 *9911 

•0540 *0023 
*5370 *4000 
45902 40007 
4)*41 4VIOO 
45V07 *0702 
*9015 *025*' 
4501ft 49 14* 
43910 *0*20 
49815 40511 
*1151 *0*5f 
ft* I 02 ai’JI 
*3275 *0970 
4*299 49901 
***57 *9202 
4(343 49030 
4*540 50001 
4**4 7 *uJS£ 


5990 J 93317 
MS7S 55979 
50052 99011 
31191 S3 I 00 
31107 54173 
31199 39514 
Mill S*1I7 
51513 54539 
51341 54*40 
51*19 3*9*0 
51707 572*0 
31921 5777* 
92025 37/75 
421*9 30077 
52291 *0159 
S.'37l M7W 
92*0* 00173 
92019 19*13 
52970 S6*?2 

3/904 59390 
31994 303*1 
357*2 51792 
35357 59709 
939r« ftOOi* 

5 3*ft I 30109 
91*5* 911*4 
3J*9> 3*272 
52*1* 5*132 
53507 50U4 
33073 90*10 
5*19* 39*7* 
3*1 |4 *91ft* 
1*119 90171 
0*/70 39T11 
5*291 19019 
1*292 1*917 

5*3*0 *007! 

54501 301*5 
3*700 *0233 
S473S 90534 
54790 30348 
5479V *8*03 
9*9*1 30422 
34129 *0445 

5*057 90512 
93371 ftfT£fet 
S«J2ft 91592 
5510* *07*2 1 


■ oo’OO 0*341 
MIJ1 94*04 
. 99300 0*910 
1 09*80 95019 
695/0 95294 
99914 93 J5S 
00*21 *3402 
I 9*3*7 93709 

099X7 9*091 
99970 03201 
■1012 53027 
1 9*077 0*S|fl 

99103 09*01 

09J99 9*030 

09972 99929 
99973 9491* 
09770 0*435 
59112 17013 
90207 5779* 
912X1 97103 
00*24 97000 

0045* 973*0 

91194 97Q42 
51250 97054 
91240 9F191 
91431 98141 
91477 95144 
02304 001*3 
0|7I9 091** 
01993 99II9 
92070 90X4B 
92713 90*3/ 
52/15 95*9% 
92044 90504 
• 1310 90911 
92802 00950 
9 3915 9MS« 

93009 04730 
93001 904*0 
93040 00441 

04202 994*0 
94J7? 54*«t 
fWM 59726 
94531 99923 


The Notes drawn for redemption mil become due and payable on June 16, 1986 together with accrued interest 
for the period from February 13, 19S6 to June 16. 1986. 

On and after June 16, 1986 the Series A Notes so redeemed shall cease to bear interest. 

As of this date, the outstanding principal amounts we: 

Scries A Notes: USS 18 OM 000 - 
Scries B Notes: USS 82 414 000.- 


Zurich 1 May 15, 1986 


CREDIT SUISSE 
as Fiscal and 
Principal Paying Agent 


A SHARP reduction in l£ aD 2°!f 
provisions enabled Hw 

Lc eland to lift its 1985-86 profits 

from a depressed H32.7zstt to 
I£8l3m l£TS.7m) at the pre-tax 

lei A£16.6m rise in tax to £37 .4m 
left net profits at £43.flm, com- 
pared with £SL9m. Earnings 
emerged 13.3p higher at 5A.6p 
and a final dividend of T4p 
fl2p) raises . the total from 
I7.5p to 20Sp net per £1 share. 
A scrip issue on a one-for-one 
basis is also proposed. 

The year to March 31 1986 
saw total income improve from- 
£39 i.6m to £4l7.6m. This com- 
prised interest income ot 
£9 52. 7m (£998m) and other 
income of £73 -2m (£85.1m) less 
interest payable of £608-3m 
(£6713m). 

At the trading level the Batik 
of Ireland’s - profits rose from 
£42.?m to £?4-3m. 

.Pre-tax profits were struck 
after deducting loan loss pro- 
visions of - £57. lm (£83-8m), 
operating, expenses of £270. 5m 
f £241. 7m), interest on loan 
capital of £llm (£14. 7m) and 
adding in a £2 (£L3m) share . 

of related companies profits. 

At . year end the group 
balance sheet totalled £7bn and 
capital ratios continued strong. 

Tbe ratio of stockholders’ . 
Binds to total assets -was 6-4 
per cent 

The directors say.. improve- 
ment in financial results largely 


reflects benefits cf change 
made in ; > 

#. . comment y 


credit . assessment -controls j-fb 
thank for- lower /badivdebt 
charges this timfe* (anfeldgfaer; 
ones the year bef Cre *s ,thfi 

-doubtful ~ risked wereidemrQ^d) 
although- part 7 of the JhCreasM 

operating expense' ^ reflects ,tKe . 
cost of expanding this 7 side Of 

the band's operations:. With" ao 
new large ' .corporate- itetifsv.bn 
"the provisions dist,. the- buthmk 
is for- lower chargee in.- the 
future, r providing "the. ; personal 
lending problems- are ' ; kept . 
small- Ireland’s jgenerous tafc " 
regime for borrowers^ (teasing 
plus section B4) - has W be dis- 
co tinted before a proper. picture 
of divisional performance .Vean - 
be drawn but 'cleariy . British 
Credit Finance.; the; hiro'pn^ -. 
chase offshoot, had :. "margin 
problems . on-.niueh'Tofi-ltS' UK 
le nding- . OvetalL-f or the group 
after stripping! out the ifaft 1 is 
bad debt provisions,." pre-tasf 
profits rose by only IfSm; and 
the I£26ni rise in income 
was offset by a I£28£nr rise In 
overheads. Until the:' expenses 
bill is tackled: Bank ^Ireland 
looks unlikely to r shbW 'gSHis _ 
from anything ether : --tiuuL. its 
tighter controls nirTaidfn&jThe ; 
shares. down 35p at 4J9p/r effect 
this outlook. - j'f- " r • 


Savage to join 
USM following 
buy-out 

Savage, Britain’s leading sup- 
plier of wall-mounted shelving 
systems, is being floated on the 
unlisted securities market in 
the wake of a management buy- 
out financed by Investors in 
Industry. 

Some 3m shares — about 35 per 
cent of the equity — are being 
placed at 100p a share, put- 
ting a value of £8.67m on the 
whole company. Sponsors to the 
issue are Hill Samuel, the 
merchant bank, and brokers are 
Capel-Cure Myers. 

Founded in 1937, Savage was 
originally a contract engineer 
but began making shelving 
systems in 1957. Tbe present 
managers, most of whom have 
been in place since 1980, bought 
the company from the Savage 
family at the end of 1984. 

Trading profits rose from 
£456.000 in 1981 to £737.000 in 
the year to June 1985. partly 
through organic growth and 
partly through acquisitions. 
However, the increase in 
interest charges resulting from 
the buy-out costs means that the 
gain at the pre-tax level has 
been smaller, from £225,000 to 
£397,000. 

Unusually, none of the 
directors are selling shares in 
the flotation. Most of the net 
proceeds — some £2-6m — will go 
into the company where it will 
be used to cut gearing to a more 
manageable 30 per cent 
Pre-tax profits of at least 
£775.000 are forecast for the 
current year, putting the shares 
on a prospective p/e ratio of 
13.7. 



Petroleum Maatschappy • 

{Royal Dutch) 

Established atThe Hague, The Netherlands 



The General Meeting of Shareholders of Royal Dutch Petro- 
leum Company held on 15th May. 1986, has deaded to ' 
declare file final dividend for 1985 at N.fl. aBO oheach of the 
268,037,044 ordinary shares with a pdr value of ;Mfly -TO. 
outstanding at December 31. 1985. So -that ; the tota( cSvr- 
dend for 1986; including the interim dividend of forfL 4,50 
already made payable in September 1985, .ytiH_aupunt to 
. N.fl. 12.80 on each of. the said shares. . 

In the case of. holders of bearer certrficates vvrfh oooporis 
this fine) divider^ will be.payabteagainst surrender of cou- 
pon Nq. 179 on or after 27th May; 1 986 ,at the offices of: 

N.M.ffotfachSd &Sons Limited^ -TV?: ; 4 ^ ; : 

New Court, St. Swithin's Lane; ’ v •' 

London EC4P 4DU 

on business days between the hours of9.30etm. and 2p.m. 

Payment will be made in sterling at the buying rate of ex- 
change current in London at 2p.m. on 20th May, 1986, in the 
case of coupons presented on of before that date, or on the 
day of presentation in the case of coupons presented subse- 
quently. Coupons must be accompanied by a presentation 
form, copies of which can be obtained from N.M. Rothschild 
& Sons' Limited. 

In the case of shares whose dividend sheets were, at the 
dose of business on 15th May, 1986. in custody of a Depos- 
itary admitted by Centrum vbbf FbndSenadministratie B.V., 
Amsterdam, this final dividend will be paid to such Deposi- 
tary on 27th May. 1986. Such payment wiH be made through 
the mejdium of.N.M. Rothschild & Sons Limited, after re- 
ceipt by them of a dutycompteted CF Dividend Claim Form. 

Where Under the double tax agreement between the United 
Kingdofi and the Netherlands. 15 per cent Netherlands 
dividend tax has been withheld, the 1 5 percent Netherlands 
tax is allowable for a resident of the United Kingdom as a 
credit against the United Kingdom income tax payable in 
respec^of the dividend. The deduction of United Kingdom 
income, tax at the reduced rate of 14 percent instead of at 
the Basic Rate of 29 per cent represents a provisional al- 
lowance of credit at the rate of 1 5 per cent. 

Where appropriate, the usual affidavit certifying non-resi- 
dence in the United Kingdom will also be required if pay- 
ment is to be made without deduction of United Kingdom 
income-tax at the basic rate. 

The Hague, 16th May, 1986. 

THE BOARD OF MANAGEMENT 


A. G. Stanley 
Holdings p.I.c. 

StJZfefZZkk' Genera/ Meeting ' the Chairmen, Malcolm 

‘•After another successful year — in 
which profits were increased by 51% — the 
group’s expansion continues. We 
anticipate opening a further 22 FADS 
stores during 1986. 

°ur over-riding objective is to remain the 
rajnfr/s premier specialist retailer of 
^ oraffv ® P f ^ ,cts ' We do not compete in 
tfre general DIY superstore market That 
E??!! . rs ® ,r »?5* y over-crowded whilst we 
have outstanding opportunities for growth. 

I am confident that 1986 will show 
continuing progress." OTOW 

Years to Dec. 1985 I9fi* 

Turnover £60m £56m 

Earnings per share ^ ^ 


AM D 
















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!' May 16 1986 


FT LAW REPORTS 


FT UNIT TRUST INFORMATION SERYICE 


"ss centre wins claim for 
faulty building works 


UN 3 T TRUSTS 


s* MH 

ASfier Urt Tit Men. (a) *** 

ftlrtOMrtunt m BfiMWflWfll 


Bccknoitv Hcuonmot Co Ltd (a) (c) Ctrtmon F 

rtw r J*» EiCJUere LvarUJFZJJ 0J-S6S2M 7Sl Utry Air 
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+14 S23 St*.!* pji «oK un 


Lmort BnMMfs & Co Ltd 
21 IkofM LMMEC2P2KT 


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Honridi Union tsttnanoe Cronp (b) 
01-5832721 POBa A NonKMIR)5M(i 0M 3 8 »™ 

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I Ut [LI V». .. _ .%] 

FrrEtfT-tf ~ist 

;■•« «T« ... ._»j 

21248 fiw.*-ja_ 2*0 

I OF,, Dull 3U.J 


udge Esyr L^wis QC- 
May 7 19&6 ' 


PROVISIONS in aa ^ 
jurat for a ^ 

■'■B®SS3 

a^sars^S 

swssya; 

Sa kS?” J° er «ti«u of 

tne building but only jo j> s 
rep^r, and If there is 

Intention in the 
a^eraient that the covenant 
not survive. 


into the underlease and ceased 
to have any effect. 

The question was whether 
IPC could rely on clause 2 of 
the agreement as entitling it to 
recover The cosl of the remedial 
work from Norwich Union. 

The principle of merger was 
described by Lord Justice James 
in Leggott t: Barrolt IS Ch 306. 
209. He said: “ If parties have 
made an executory contract 
which is to be carried out by 
a deed afterwards executed, 
the real completed contract . . . 
is to be found in the deed and 
you have no right whatsoever 
to look at the contract . . . 

except for the purpose of 
construing the deed." 

That principle was restated 
with an important qualification 
by Lord Bussell in Knight 
Sugar v Alberta Rallu-ay 193S 1 


£5* Official Z* to' ShSZ&fiSl 


ass.**- KSTiSS 


judgment for the InternaUona] 
^«ss Centre (ipej in it^ 
a * ainst Enrich 
for breach of an agree- 
for an underlease. 

HIS HONOUR said that by a 
lease toted May 30 1969 the 
Goldsmiths Company demised 
land in Shoe Lane. London 
EG*, to Norwich Union for 
99} years. 


migiir be provisions of the 
contract which survived after 
completion if the parties did 
not intend that they should be 
merged in the deed. 


Norwich Union covenanted to 
erect a new building an the 
land “in a good, substantial 
and workmanlike manner and 
With the best materials obtain- 
able.” The new building, which 
became the Internationa] Press 
Centre, was completed by the 
end of 1973. 

Also on May 30 1969 IPC and 
Norwich .Union made an agree- 
ment by which Norwich Union 
undertook to grant an under- 
lease of the new building to 
IPC. By clause 2 it agreed to 
erect the new building “ in 
accordance with the cove nan ts 
... in the building lease.” 

On February 3 1977 the 
underlease was granted for 99} 
years from March 25 1969. By 
clause 4(3) (a) of the underlease 
IPC covenanted to keep the 
premises “ in good and substan- 
tial repair.” 

la August 1982 IPC noticed 
that mosaic tiling fixed to the 
exterior walls of the building 
was' cracking. It had remedial 
works done at its own expense. 

Tn the present action it 
claimed tbe cost of the remedial 
works as damages on the ground 
that Norwich Union was in 
breach of clause 2 of the agree- 
ment in falling to erect the new 
building “ in .a good, substantial 
an d- workmanlike manner and 
with the best materials . . . ” 
The amount of the clapp r ,was^ 
agreed at £878,538. IPC, bad 
withheld rent from Norwich 
Union against the cost and Nor- 
wich Union counterclaimed the 


amount of the arrears. It was executed." 


Mr Godfrey, for Norwich 
Union, argued that the dear 
intention of (he parties was 
that clause 2 should cease to 
have effect after the underlease 
was executed, when respon- 
sibility for keeping the pre- 
mises “in good and substantial 
repair" under clause 4(3) (a? 
fell upon IPC. 

Mr Dyson, for IPC, argued 
that clause 2 required Norwich 
Union to build the new build- 
ing "in a good, substantial and 
workmanlike manner” and to 
grant an underlease of a build- 
ing so constructed. He said 
that was a different obligation 
from the duty to keep in good 
repair which IPC assumed 
under clause 4 (3) (a) of the 
underlease. 

He submitted that clause 
4 (3) (a) did not deal with the 
Norwich Union’s obligation 
under clause 2 and that there 
was a presumption that clause 2 
survived the -.grant of the 
underlease unless by clear lan- 
guage the agreement provided 
to the contrary. 

As Lord Russell said in 
Knight Sugar, it was well-estab- 
lished that if a preliminary 
agreement were to be followed 
by a conveyance, those terms ol 
the agreement! which were not 
intended to be performed by the 
deed of conveyance were not 
merged with it. 

In Palmer v Johnson (1884) 
13 QB 350, 357 Lord Justice 
Bowen said: “ When one is 
dealing with a deed by which 
the property has been conveyed, 
one. must -see.if it covers the 
whole ground Of the preliminary 
contract- Ora must construe {he . 
Ijffejjniinary contract by itself, 
sets whether ’it was intended to 
go on to any. 'and what extent 
after the formal deed had been 


agreed that if IPC’s claim faded, - In Lawrence v Cassel (1930) 


Norwich Union would be en- KB 83 where the defendant 


titled to judgment on . the 
counterclaim for £302,492. 

Norwich Union admitted that 
the defects in the mosiac tiling 


agreed in writing to sell the 
plaintiff a plot of land which 
was part of a building estate, 
it was held in the Court of 


were such, as would constitute Appeal that be was entitled to 


a breach of clause 2 of the 
agreement However. It con- 
tended that clause 2 merged 


sue the. builder after convey- 
ance, for breach of the agree- 
ment 


F.T. CROSSWORD PUZZLE No. 6,023 



ACROSS - 

1 Such youngsters always come 
to a fishy end (11) - 
7 Spdt a girr (3) 

9 Workers who get moving? 

(5) . . 


4 Left unused craft without 
cover (7) 

5 Overdue, being in the red 
it’s reported (7) 

6 Clothing range with buckles 

(9) , 

7 Contribute, and so get on in ; 

time (6) „ 


10 Outmoded transport industry ^ ^ gn e city — almost the finest 

(9) of an (fir ' ’ - 

11 Oon’t forget about prayer 14 Cheered a number with 

Tgi medical problem (9) 

12 It should be included in the 11 Inspect finished appearenee 


charge (5) aprpnt salt IT The hour-glass? (3-5) 
ciliv asses will accept sail ■ . _. nr * 


13 Silly asses wrn 
IS oSstSding trainee’s en- 
1 * a ?We space reserved for a 
2 „ A“ pte Roro<tte.d enemy's 

appearance O) 

gS d to« trap for He 

v SiS*y i Wuib 

26 Guides w German 

money as wen 


19 Book store (7) 

20 The names assumed as a he s 
circulated <?> 

21 Money sets a model aright 

( 6 ) _ 

22 A Greek character cutting 
fuel and food (6) . 

25 Woman represented m stone 
• stark-naked (5) ■ j 

Solution to Puzzle No. 8,022 


27 Sco tarn * rocky heigM 

. in assa u,t ..£i 

»M3r snU11 ’ 


1 The to^g£ , f « t,r dealt 


'SS^SSsss 


?, r0te , C «o”niSa*« .Wjj 

n a SjcJn,theSpamsh(5) 


G}r--tMirv r * 5aHfittKH 

. kj k\ i3. ra u a 

n (sbbbce nncHQnc: 

. do.fi HQ n b 

aEEHHOHEGH CQBCi 

" ' SfiKE3a • 

.'*3 ; - e ra ei yi 

^HoranaE.^ v.wmzi . 

\h .■ n ; n a ra • 

r2Harj • 

a u a- s a c ui 
an E^uTm .QsanBfsE 

U O H Q- 3 CJ 

Baacsa 


Lord Justice Scrutron said at 
page 89: H The contract con- 
tained a stipulation which was 
collateral to the conveyance 
and was therefore not merged 
on the execution of tbo deed o! 
conveyance, which said nothing 
about the stipulation." 

Those two cases were con- 
cerned with the sale of land. 

but the principle established 
was applicable to the present 
caBe where their* was a pre- 
liminary agreement embodied 
in a deed followed by the grant 
of an underlease also by deed. 

By clause 2 of thi- agreement 
Norwich Union contracted to 
erect a building "in a good, 
substantial and workmanlike 

manner.” The underlease said 
nothing about the quality of 
the building which IPC 
covenanted under clause 
4 (3) (a) to keep in repair. 
There was no primn fane 
reason why the obligation 
undertaken in clause 2 of the 
agreement should not survive 
the grant of the underlease. 

The stipulation in clause 2 
was one “which was collnteral’’ 
to the provisions of the under- 
lease. There was nothing in- 
compatible between IPG's 
repairing obligation under 
clause 4 (3) (a) of the undtv- 
lease and Norwich Union's 
obligation under clause 2 . 

There was no reason why ZPC 
should not be able to enforce 
the provisions of clause 2 by an 
action for damages though it 
was obliged under clause , 
4(3)(a) to carry out repairs 1 
after the grant of the under- 
lease. 

The mere grant of the under- 
lease could nor have the effect 
of ending Norwich Union's 
obligation under clause 2. 

Tbe remaining question was 
whether there were any express 
provisions in the agreement 
making it clear that the parties 
intended that Norwich Union’s 
obligation under clause 2 should 
not survive the grant of the 
underlease. 

It was hard to see what 
value the clause 2 obligation 
was to IPC if it did not survive 
the grant The provisions of 
the agreement could not be 
construed as indicating a clear 
intention that clause 2 was not 
to survive. The express preser- 
vation of certain clauses deal- 
ing with totally different 
matters from clause 2 did not 
conflict with the continued 
existence of the obligation 
under clause 2 . 

Accordingly, IPC was en- 
titled to recover the cost of tbe 
remedial works. 

For IPC: John, Dyson QC and 
Christopher TKomas (Herbert 
Oppenheimcr Nathan & 
Yandyk /. . ' ' 

For Norwich Union: Gerald 
Godfrey QC and Richard Ferny- 
hough (Aim Wilson & Co). 

By Rachel Davies 


JU?J 

■hiSlre t*it, . .. >S3 

WwUMlrh* ’1712 


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THE FINANCIAL TIMES 
Is proposing to publish a 
Survey on 

ISLE OF MAN 

on Wednesday June 25 1986 

For further information 
please contact: 

Brian Heron 
OB 061-834 9381 

or write to him at: 
Queen's House, Queen Street 
Manchester M2 5HT 
FINANCIAL TIMES 
Europe's Business Newspaper 


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SnrflCB'i Fanl fcfci 7(L&*I -OJ OJ 


Abbey Ute— CobUmied 
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town - 5»3 

StMiK — - . MO.O 

MW|N 3JB8 

FnM Irt. 2057 

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Aetna Life insurance Go Ltd 
A01 » JOM 5L London EC1VOQE 
Lite FoMb H icw ld lf Itedtil 

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iUbaay Life Anonmi Ca Ltd 

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AJKed Dunbar Assorem Me 
Allied Dunbai Cl». 5*w*jn 5Ni 1EL 
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AUTHORISED UNIT TRUSTS & INSURANCES 


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Clerical Medical Manned Finds Ltd 

)$SiJ*iW:;5a,Lii<d«iSWl:V4LQ 01O30S474 

Cadi ... JiMlJ li*3) I - 

(K<*«d £711 MS M - 

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Colonial Mutual Granp 

2* UdVHr H«L London EC4P4BD 01 -2* 

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Taml Trust Hngn. Ltd (nXo) 

Th^iHw. Caierew* RO. Bta (0Mb) 5W 

jmcwEae.- JTl* |M -01 0« 

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Lam . .. 127 B 1171 -a’ 3n3 

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P r e < Tea r Sbtfr ..17.* 1* 3b *20 

5a.J r JT 1L2 845 *02 8X> 

TeSSm— rV. *84 51.1 dW 

uJeSETL r -- W7 7am -83 LM 

aasssfciSii « [§ 

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TenpiEton Inmtmnnt Management 

Roth Her. Km* Wd&am 5e. EC4R OAR 03823 4451 

■IbUCmoifTim >154 *6* I - 

•Uraulamed 

Tbomtoa Unit Ma n agers Ltd 

14 FtodburyCiPoc. London EC2M7DJ 01838*761 

Far East 4 Ob Fa 1*4.* «3 Ud Ul 

JwanSOaFa *44 4J3 1® 

WAnenuntGeiiFd V3 1*4 1«* 

PadflcTetneolawFd— . *70 50fl W LK 

Fitter Fd *72 (rj LOO 

UK&CevFd J*43 *421 tx* 2JBS 

Tdacbe, Keimuf Unit Trmt Mngt Ltd 
Herauid Hvr, 2 Puddle Dock, EC* 01-248 1250 

TS Mru Graatli -0*1 «5 0.7b 

TB O a n al CraHi 538 57 5 -03 3J7 

TetlaMTrcn. 140 <7J" *02 OJfl 

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TfSS^oSSI- 1 *i« *5-5b 4« 1 03 

TH Mlrr « 08 44.1 -50.! 289 

TR5peofa0SVZV3WJ TSJB 274 

Trades Unina Unit Trust Managers 
100 WWdSlieM, London EC2 . 0X4844355 

TOUT Marl 1172.4 IHtlid i 340 

Traautbmtx aad Gen. Sect. (c> Lr) 

4144 Hr» LobdoaRlLClielnBlofa (»*5-5146X 

CrtmcalfaT* ^30 4473 3» 

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lArrun. UftifeJ JttLV 279.1 -79 3ffi 

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FWa«aMKrnlfa8lS?|h4 2«X *21 ^ 

i*S4 0«W._I._K64 ZW.I *2J 181 

ttWAnwrtcapHar 14-B55.4 14*3 o.« 


Americu Life Irtsnraace Co UK 

34 Mim Hcud. CnifdM CfiO 21 6 

assr.“Tr| i 

Enwlcc 053 1DOJ 

Far Eanem 4cc M2 I®* 

r iaeaiane i ' 4 Am . . .g« .*** 

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-71 305 
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0.45 
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Offer UIW crw-i aJJa Mr Iram AtwrKjn l*r 

Ambanador Life Ass. Co Ltd 

80 HdWert na -g Rd. Boumnnon* 020Z 242345 

Earn Fd fax ~.|12l 0 1208 — 

EaHeFdCw.. . -.Jlllb M'S 1 - 

Baltic Aswrmcc Funds 

25726 Albmattr St. Ufa. Wl« *AD 01-4*3 4S44 

aasrJB ^ = 

Barclays Life Assor. Co Ltd 
252 Pvcfarb Rood. Ionian E7 01 534 5544 

■WMbi — 0—8 

Canty Amm .. — *21.1 4*3 

Da Ifai .07*2 3*3 

GdFcdied Auafa E1I2 222 

Dalunal 1643 1*4 

inrraawnb Acc. 2483 24L 

Da Inttb HU 233. 

Hawfadl a 14*4 

Do. WU 26*. I 

faoarr fa* — -0703 

Do. laWH 1*« 5 

PrancnrAu. ., 208* 

Da Incur 1844 

Anrnca An 1478 

fantraufacc II8A 

Pnanofa fax 1484 

•54X7 Act U04 

laonarAct 2318 

Jwaa8&«*FwdAcc- 27*2 

Lnat fat — , 1*8* 

Spec SrivFd. Acc _. _ia»3 

UatecnalTacAo 247 

EnfaPW Ceontt fax 1232 

E<mt> Pm. Acc 1433 

a I bob Sn 2. 1306 

EaqtdPmfax niXI 

Da imlilSn! 1204 

M. Pm Act — 1306 

OabitulSnS kl|b 

Hatapfa Pm fax. 3885 

Dalpob SennZ 1242 

Hoary 4a 2*24 

Da.laoud Sena 2 — — KM 3 
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DalnKialScnn2.__Jl33 


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•«cun.U*U} 1._554 ZW-H *2 jj 181 

SAW famtew Hay M-0554 UAJl I 0.45 

V-eS*o«»^l71.JJl*06 1*8JI 1 038 

Triton Fd Mngrs. Ltd. 

Royal Lda.HM.CttdMfafCOl IRA 03044*155 

Tntaa (eracTb Il05* U27i . I 831 

Tyndall Managers LtdUXbXc} 

18 Caoyngr Road, Bristol 02727322*1 

AMOttwiSrcinba 08 7 (21 -0.4 233 

lAccm IM — rU 45. -8d 213 

Cnrtb - — 510 6 3308b -US 136 

ioSaUBtil 5513 587-1 ~2tJ 334 

Cxrtb... 7857 3MJW -Od 5«S 

lAcorti. Ufetxi 5M2 W -Ifl 5« 

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UconlMI^ 15*7 1701 -Id 0.74 

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Umar .1134 117X -03 925 


Uuntar 1134 

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HfabTierd— .580 

lAcmlMsI 1M2 

rSmnUMH'.TVm n?.T 

Irt. Em 1418 

IAm> Ubhl 2332 

■bemdianb GibOi 73.4 

(Accua Unfa) 788 

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Black Hors* LHe Am. Go Ltd 

344a High 5L Oailbni 0434*05161 

BHO. Haw HaD. Fd._ .1 I58U - 

lacaairfd. 11528 33LM - 

Extra laomr F8 30245 3IB.K - 

WsetdmidrGnfettFA.. 787.97 3SOJ1 — 

BalaocwFD . — »057 2*53* - 

SialrCa'yS RrcerFd — M6.16 J6AJI — 

rmreca«ilo*r« s _ . 30522 HL2« - 

Nn.famr.faCro.Fd — 1«L33 301 * - 

Eae-jylib F8 t*a 10*41 - 

Pacific 6asnFia< 1*65? 2066? _ 

Crrtou GrifaCB Fd HIM 1242* — 

JapaiGeoaUFand. — 12271 12*17 — 

Prwrrty FA 174J1 M32I — 

Ffafblib««Fd__. 11U1 201-47 - 

Can F8 iMun ^8*4 . - 

Haamediar Fd .t2«38 2S18b - 

British National Life Assurance Co Ltd 
Pneymoiim Ro*8 Hawanh HeoH 0*44 41*111 

MMfaed FA -ZJOT6 2MA I - 

— Vp7 7 

Aiaeeecan FbM ilOLO 

ML FA £73.9 

rmia Fa 5*73 isa 

OepoiAFd — 817 7 1ZJ 


I Aeon tine m 1Z373 

tMfaarrC>U -~U187 

Ifaxwa Itnbu __._|135* l«*J* +u« on* 

- ^ *(SI 10 15 

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218 
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11811 *0 7 234 

10841 +0JJ 121 

UK Provident Unit Trust Ma n ag er s Ltd 
UK Hobm. Caste S, Salttory 5P1 JSfi 0722336242 

sS£fr^S is? 

Unit Trust Account & MgntL Ltd 

HfgK 38*, Knq WIRumSI, EC4R4R 01mZ34451 

Ada hen: Hendemr CrotHnattr & Co. 

ES!;,SS,“-_-:ffi I IS 


lAccurtltMLl 3008 

Smaller Cm 1100 

Ifaxaaiubfai 2524 

SraDtr Cat- D b 14.7 

'faccor UaCie you 

SarcMd 5ifa IM2 

IAcobiUbui 107.4 

EjptptW Orsbtt-- ZJUOJ 


Flied mb Pm fax. _ _UISJ 

Canada Life Group 
2-4 High St, Porters Bar, Hem 

Efaaty C* Aar 30 1450 

BueMHarii 6 J 48* 1 


Rea* Frd April 6 

MUaagedPHiFwd 

Pnamy Pen Fad J 

indr. Lrtd Pro Fiad _.J 


Vanguard Tract Hausen Ltd 

46 HotePti viaduct. London EC1A 2EU 01-236 3053 
AbrbdMRdnamfa_IU5 7 1125 4<Uj 204 

WmlSn _b7D *0.7 -OJ^ LIB 

UWsnUiubi -HI WJ *011 1 J8 

GMMth -8887 148.7 -081 IM 

lAccan Ubil .0716 209 C -IJI 200 

HfahYirM COB.9 222J tO-lj *42 

UtomOBW BOO* 2223 *0.3 442 

Spreud Sm {*08 *55 -Oil UO 

IfawoUndM J*oa 435 -OJI 180 

Trane* — -TjU U*A« -Ofl J49 

LACCM* llrrtll Jl*7. J Z10J -0*1 J4* 

Haver PbUdPp JE588M 603783 ♦0.002) 353 

WanMey Uait Trust Managers Ltd (a) 

Winfley Hneiw, 7 Deroasiilre Sq, EC2 01 929X532 

AnmcaeTn (H2 TZ ♦Ol 14 

FarEavfaCi To. D5 87.7 «OJ U 

INI LnMi Tn . 103 74! ♦Ol LO 

WObTa 77 0 83 7a 54 

jj0M&*mnrs nna iu.7 rex' oj 

SrnaB Cm. Td 114* U8* *OJ 20 

TdifawTu. »7 383a , OXt 

.5 is 

S3a«i^gi a fl » 

Waverfey Asset Ma na gement Ltd <*J (c) (g) 

l30uHatte Sa EdHbargli 031-225 1551 

Aanbuunfadd -111* }b*j +03 0J3 

PKificSaanEanH -ll* 7 117] +0J] 02 

Canadba BHocd Gnerii — p 7 & .6151 -OS 38 

Cmcfar JBiOZO 1085 -Ojl 77 

WestAvon UMt Trust Managers LtdfaXc} 

9 Portland Swore. BrKlol BS2BSS _ 0272438431 
BmfaiSfel6eo'yl»>._j54J 16Jj -02) L75 

BmnhOnoalH 1632 wa -OH .20 

Bntrdr Income 64 g -03 475 
Bronh true nrMUl _ 02 J) 03 . I 70 

WMttlngdale Unit Trust Mamgen 

2 Httfay Lane. Laadan EC2V SBT 01fa0440BS7b 

Short Old G>h Fd Jb58 684*8 I OM 

Wimfsor Trust Mngrs LU 
83tuagmay,L<P*t<P>. WC2B4S0 01-4050331 

CBM*faEi»i*»Ta.-_MJ gd J* 

OnbTm BIO SAJI ♦Dll 226 

Income Tnnt ._.IE27 S6.ll I 125 

Wright SeUgnun Fund MuigeiT Ltd 

11 Btortmid Si, London EC2M 7AV 01-580 0642 . 

Granin Funa 166 6 70 U ..I 200 

Weekly debrill dw Tueyday 

The Variisliire General Trust 

WoodomePV FeoayBdpe. HuddenfleM 0484602250 

VC.T .. HI7.0 12*^ -Oil 159 


INSURANCES 

AA Friendly Society 
ilmMineiii Midi H fa G Id* Mngt Ltd* 
POBoe 43 Cantll GFUNW 
AA7nendySellai4_ 1— 105J 

Abbey Lite Assurance 6a LU 
SO HoMfflhum Food Souirwfleih C 

PrtpV-l WHl 2144 

EruiySe* I .. 1030 108 5 

•rafainl 1774 8 204 

tairiySn.’ . ..loir 1150 

Sefaeinedce. J23S7 2*8 2 

PfaASer* 017 0 229 5 

Eaorl.5rr4 .1121 119 

Fuad lei Vf * |I*S 7 206 ij 

inatitdim Sp 4 ... .115* IKft 

Ammcjoima (25* 7 2714 

H^rriBt 4- 4 ESC * 2*53 

JapmS"* 71*2 230* 

Ua" S»- * !34* 5 367 a 

UonrrSr. 4 ,197 1 202 V 

LwWOJ>!>r4 lllfa II#?* 


0222 )5542 
I — 


Urree 1300 

Eraiy - - - 1425 

Pwll - - . 1 10 2 

Gdi fa FnM inttmt. . |!4t 
ladrni) LrtkM _ .. 107 0 

Cam Ilf-5 

Manm dnyenc h * - - . 10*7 

Far Em lil* 

iiaenuuafaii . . . 121 1 

Sfifud SMaanom - ,1527 

CBOpran ..1*9 7 


Fried mr Co . . 
Fir-0 It* in 
Inori L<rt Cae - 
ladriLirt m 
HaawdLap . 


-112 75 118 TO) 

- ( W3 UfalH 
12^2 25 71j*h! 

.12*041 253 WF 


CerumcrciAl Urriau Group 
Si Helen* y. I UadeeHute. Lonmn EC 3 
VntoMn.'.. . J 5388 

V*i4a!Uatlll I 26* W 

P ilot Seeert— life 

u-naqrd - 1 2.V2 13 1 

Uh Eouilr - £45* Z50 

ifaEertiy . - U63* JS 


Maned . - . 

UK Earair 

laiEsani .. - 

Preaefii 

r inn irt . . . 

Indn Lkdfit. . . 

Ctd-^ F-- 


CoutineataJ Life Insurance PLC 
fafa70 HMh SL Croydon C TO 4* N 

Eoedydn -^*6 7 Ml J 

Praamy far _ . . HB*J 2*9 0 

Irt acc . — E»6 1^3 

Moanddcc fi*aj 25.9 

5or«SmAu ... fil*4 LTSfa 

1.1, m a i m Tfl Acc _ J12I I I J. m 


130 It I 

IS* (J -0«r 
10* fa -0 IJ 


Z38 1' .01 

26*8 *0 7. 

IrttJ* *15; 
127 1, : 

l**» 

use -o: 


01-680 5225 
-o ?! 

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Pea Prop Acc 3*5 0 

Pern Cutty Acc 477.7 

Pen Maga Act .. . - .298* 

PrmFfaCHaoAU. ... 1353 
Pen na Trad Acc 16*0 


M? ifi -15 1 
31H. li -a ul 


pneet far aUer turn auriaeir 0« rroven 


IdlOi -1 5j 
123 M *0 I 1 


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Cambdl Insurance PLC 

57 LadYraHlf, GaiMford 0483 b8 16 1 

Emtty FdiA&Oi May 140*2.5 I»5l -351 - 

FiTedUbiAWi May 14 1725 1820 *05 - 

■fan Cm* ' AABl Hay 14. 50b 0 513 Gl -SO] 

MmeyldiAABI Uay I* I3a0 I*5.5| *051 

Caa FWAS8I AbJ 15 367 0 I 

DAUarcri3afaBifa>I5 1515 j 

rttnlayUliFn |4-ll5<7J ISBV -OSt 

NAm-EttfiAfaBIHay 14 111*0 1255 -18l 

inreartprMBIMaiH^ljjO U2« i - 

Prouny lAABI Hay 1* 11660 1750 -1 5> 

Credit & Commerce Life Ass. Ltd 
74 StKOhmfcBuih Grtv*. W12 BSD 01 740 7070 

K*lJSf . ... 1344 l«0l -1 5j 

4nrrn*>EdHTr Ubb 123 01 *0 1 - 

Far E*d Forty- - - 137,6 145 U *51 -- 

Uanjord Fond 4a MfaO 375 § -2 S - 

letrnranab Euan - 1690 178X5 —I Or - 

Gdi Edaed . _ 2032 214 4 *0 ll - 

Maieyidn* . 1405 I48J 

CCL lltrtn>-. ... 143* »m3 -oj) - 

CCl. Perseeab ..1*17 203X1 -lit 

CCL Pryperiy - 21 L 1 127 7 ♦O fa - 

SnaberciB . .*2403 253 H * I 1| - 

Perditab Earapprifa- ‘III* 11801 -13' - 

UKEudlr - -1152.7 Ibl Of -17 

America Eantr 124.1 130*1 *0 1 — 

FarEatlEarty . — UO 7 158 3 *fa* - 

"I — ]-“- — — <026 42< 71 -24 - 

Meraaiaal Eadr - -- 1955 195 71 - L2 — 

GiK Edrra .. _ .. 2908 2*6 3 *02 

Hoey F ibcL -.16*9 1T13 — 

CCL Headmoa 1430 150 ■ -01 - 

CCLPrtienb. . .. . <6U 1719 -1.0 

CClPrfatertT IMl* IV I eO 51 - 

SnblrCei 142* ISO 3 *04( - 

Pmaetob Lfeifarcmtt ..11150 I21J) -IW -- 

Criteriuu Assurance Group 
Saar Coen, Peimfirtt, Hants 073063201 

Ufanne H«9d Fob) .. JlW6 178b| J — 

Cmrlen Ham FuH... J1C28 17 L4I [ — 

Pe-MaUaadCiP__JS50 574 - 


351 3 -O l( 
203X1 -1 ll 


ISW-rJSS 

lewd Wboo 


1471 I 
‘ fine 0730 63201 


Crown numdal Management Ltd 

Crown Hw,faalOnqCU21 1XW I 

.1 He t — 1 

Hauled Act .9135 3J081 

Fried lawrra Arc iZll 5 2414] 

E mbyte Bjis 391.^ 

M uierAce -.11/0.0 ira^ 

hr-T-wte 43791 J**ffl 

Iran. Acc BJIJ ?38« *01 

AnmraAcc- JlCiLQ IObJ I 

HrtHanrOo. BJlO 357 7^ — 3 Uf 

Prapirty fac.-— - .^1052 194*1 

EwopraAoi.- Jlrhfa 19581 

laHNdab PaaHni Fmrti«j) 

UinmiAu --HZ?-* 

FiHd naeeea Acc . B28 5 240.5) 


ErpnyAcc JJ7B7 1401 

“ HafayAu 861* 1704 

Property J102.4 107.7 

— mvnmndTnnE — -0283 LP.fi 

“ Wraatiwb Q330 l<0fi 

— AiaerKa- .JlU.* 11*1 

— Japanew -lUJO 1610 

Earapea -32488 2618 

GHap Perawd Fambi) 

■fared 1374 T 1882 

Fucd Irdemi -C*9 5 258.5 

Ul (Mr— - 5*8 7 <13 I 

_ Hoary -C0B.7 2167 

MarRaMd!) 

_ CropiBttL lae.A 4308 

_ PE Corraet 7505 Ifcl ( 

_ BnernaEMT. *592 *02 3 

_ Hetttaee.- — 206 4 21a 7 

_ saw. Im.* its i 

_ DBS Managed 1794. IWfi 

Grarah far 1266 IJJ2 

_ LaagMeHrod'Lriel — Lint 1164 

_ LoWdeMarogedPraJlJW 1 8<e 

- Crusader Insunace Pic 

- Rm^aw. Somry RM2 BBL 

“ ISs&XttiMb JSd 

122 Devonshire Life 

- 29Gtos)wBf SUW1RMG 


2**J -3.T — 

J35.S +Ot _ 

13*4 *2-7 — 

178.7 -OJ - 

g’£a" F ried inerta 'Hpi 1 1«6.7 -OJ - 

IndreJJnM lli* 1224 .. - 

EM — I93J 1924 -04 - 

CM 1338 1«0J - 

Ukdrad Bk Ul T« Ul — 1709 188 1 - 

Musara B> Mag Fd In .170* 189.4 _ 

HdMttUl.lli- .B97.7 20881 - 


117 4] -04| 
123 3 -1.1 


01-902 8876 
♦ftlB - 


232.7 2*6J *07 - 

16*1 1781 _ - 

UO* 19*4 *1.« - 

2319 745J *18 - 

EJJM 1934 -UJ 

1167 1231 . - 

1602 16*4 -14 - 

«M 510J *13 — 

IHk S».« *3* - 

275.4 2fel 

1275 3*68 +U - 

2*58 2604 - 

2598 Z74J *04 - 

3573 3784 *14 - 

252.7 267 4 -OJ - 

S27.6 1ȣ . - 

1775 182.! -22 - 

106J 11*3 *04 _ 


I Olympic way. Wembley H09 ONB m-TO 8876 

UWUna.. - f (6554 *ttl« - 

FVnpm1*U*» J £2106 J — 

EMrBraWEnc 1*0.99 *X3J 40421 - 

Ping BearHTaec ]P| *I 3006 I — 

UaLOdTEiec/UBi 32J* 3**9 *018 — 

2rttEMyAcc HIM 3285 *03 — 

2nd IPv6 Ifa/Acc 2705 2868 ♦2.9] — 

2nd Property Acr VO i 2122 J — 

2rtt llanainte 232.7 2*62 *0fl - 

JndOewralfax 16*1 1781 - 

2MG41te ...180* 19*4 *1.« - 

2nd America fat 2118 7*5J *18] - 

W Inti Moray I02.fi 1934 -OB - 

2nd Indei Acc 1167 1217 j - 

MFalMAB 1WJ2 Hri»J -181 — 

2r*Ea PemVte H£0 5104 *13 — 

2nd mi Inc Pnute IH6 IH.; *3* — 

2MPrp.Pnn/fax 175.4 2fel 

2MUkH.Pe*Vte H75 1*6* +U 

Zad Dea Pra.’Acc *458 2604 — 

CM Pipi'Ab 2598 274J +24 _ 

2nd faa PetuAcc 3573 3784 *14 - 

2ndltt.MraeyPeavAa - 252.7 267 4 -UJ - 

2nd race. PnairiAcc 1274. 1J5£ .. — 

fart F« Erne PmuAct - . 1775 182.1 -28 — 

LAE OIF 1063 1184 +03 - 

11EUF.2 J700 74 JA - 

Chan de Vert Investments Ltd 

63 UaoNTi hn FWH k LardM WC3. , D1-404S766 

■fantMio Ham Scmce _U29J 135*1 -08* - 

City of Ed i nbur g h Life Assurance 
AbQrartaar 54. E<MankEHZ4H(I 031-2251655 

lay S S»ne Bora UIO 14743 - 

RoA & Bernard Bvtt._. 11*0 1260 - 

■dwray JaMtrac Fd USD LELffl - 

Dan HarteiFd 900 UWfil - 

IraryfaSmrPwsFd — WO 10144 - 

RrW S Neward Pra Fd.. 1010 1094 — 

HwrayJaon-PnnFa.. U34I U*U — 

Honey Haefcet Pe«iFd_SOO 1044F - - 

City of Westminster Assurance 
Sentry Home, 500 Aeeh u ry BortMd, CM HUton 
Keynes MK92LA Tel: OWB 6OUOW6O088 

Carat Sana , 

PnperwFad-— blO.9 L>6*| 1 — 

Money Fnnd. 15l7J 22 * M . I - 

MAAMUlFnnd S56J *173 *081 — 

EMyEard 2+9-0 2683 -Oil - 

Flnrd iraerad Fand- 151. V 159.l1 +0.3 — 

Fat Eat) FM 1783 lH7.il -1W - 

NarU fanenCH Fuel — 1765 lBfl +02; — 

NmrbRnamnFBid.. 134.9 1C4J .. — 

■SUN FlayPBH 124 J DOM -0 Jj — 

Prawn Managed Fnad . J75 4 395 B -0* — 

Pension Eqaty Fad 2335 2*54 -L4 - 

PM Fnad Jl2U 12T.il .. J — 

For other anus Herne iilettwae 0908 60bl01AH4M 

Clerical MedfealffideGty hrterMtkMal 
Nairn Plan, Bratol BS2 OJH 0272290566 

te wtm eirt Fanis . 

MM h279 13*3 "Oil - 

Ear fl«0 1554 *0.4 - 

PnaertT ll07J 112.9] _ J - 

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Indeird Srarmifs 7101.9 107. . 1 — 

Ca* JXP5 1 1107 ! - 

NortSAinmjB 11065 1128 -OA — 

Fa East ^{IlLO lit' - 

laH+niMml JlITO 123 i .1 - 

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InterdAbOBb Ham IJJJ.I 1404 ] — 

■meTKalraaaw |l«0 iSg -?jl - 


Erany -COT 3 

FlMdMmn 1072 

ladn LadottSdi UL7 


Moapea Ull * 

Eure JiiTo 

Fined lalen-«. ... OBB 

InderUrtedSite OH} 

Mine, f»7 4 

SaMB C ai ra ai e i 1»63 

IWtranaJ __J9jj 

Far tatter*.- T3O0 


Eagle Star Insurance Co Ltd 

Badi RoacL CMtertum GL53 7LO 02*2 521311 

SecaneFuad J196 1049) I - 

BfanCheFBtt . J182* 18891 -021 — 

HuFanfl. —J 1312 

nasFrad JUMfa 


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Eagle Star InstirjMiiflanil Assor. 

1 DvesafneetBr SL London EC? 01 508 1812 

EattttWd Urun- . jU 5T 161b -IJI 495 

Eguitable Life Assurance Society 
4 GoltdHa Strict. Lndee EC2N5AP 01+606 6611 

Fa Eastern ftl7 7 1« 9j -Oil - 

Fab I nr Tin .11250 DIM 1 - 

Grits Fired ltt J11B5 12*3 -OJI - 

HfiplBeBW ^1*66 I5*fl -OT - 

Uoawl JlZSl III 7j -ON - 

Hrmry ..‘lOFS 110 3 *0 ll - 

Norm Anwnca — . 4138 1194 J - 

Prtwan JO* 6 1*1 71 -OJ - 

SSSWu.r IS3 -*2 = 

School Fee Haayed. --M35J 192«< -0*1 - 


Framlinglon Life Insurance Ltd 

3 Lmm Wall fluiUWiov EC2M 5NQ 01-6285101 
PeirwyHan«Kirad.*28 66.01 I - 

PnmrmILMFttil. —67 5 gpgl *g{| _ 

Friends' Provident Life Office 

PI Ulan EM. Ddifanl 1(0061 885055 

Ufc Fnrdl 

Caw Acute _ ... Till Ul 21 I — 

VK El Acc _liii4 182*1 -111 - 

Sirannbfcn A ct . _ ..Ijsaj I6JQ -04 — 


Imperial Life Aml Co fat CmA 

Ungtnril LAC Ho«e, UfafanBLCraWM 571255 

CraDir** 696 J 2788) ♦381 

OaraUrrhed ParttUM 

MoafadFo. £*2* »4j -L» _ 

Fueah* Ft JOO.l Z31-7] *4X6] — 

GecjrrCapTt -jl6*7 173.4. J — 

EaanyFd.. tB - *.* Sola -J8I — 

PmratyFd Jni2 Itl.S *Ojl _ 

PioiIbi rad Parttttt* _ 

PemMaFdSerwM g«8 Oil .1* - 

Per, Ha Fd Stnm 2 — a*08 2534 * -1,7) — 


Fried Int Acc ..'132? 

ladri Lmkrdfac. .JlO*S 


PmeeniAw (1320 

'i Bhmtui l Pbm F nodi' 

DrhCa 11153 

OJt Aa .. _ . <128* 

UK Eg Of -.4616 

UKEgAre JjBIB 

StmrodgaaOd 1160 b 

StwvdUHAa .. . |1715 

Fried lar Op ,D38 


- Pefe.PrwwflyFd BUD 14] 


FiPiGrit-Edgra Fd J12SX8 

PrailnfaLttkFd ESJ 

PrrKMweiMUFd '1100 

Prm VKlrady Fd 41897 


*Lfl - 


. riraiw y*< |W> 

_ Fi—cia Hx . . . . 1|*80 15581 

_ IMyiLiBkrdCai. . _ *959 loiol 


IMri Lmirrd An 4066 

Mum Era . . .,144 7 

Mirra te . ,1608 

OneneasFnMCaa --ilblb 

Oy+nemfac . . -.07*5 

PnwertyCa . .11025 

PmwryACC 1139 

M rrrjjra -jr,. r .ye 


- Pem 5*| SZtS Z3*2 *afl - 

Pern Utge Bate faff Fd .HBOS 19031 *5B — 

Z imperial Life (UK) Ltd 

- Jjnpma/UlpMOBV, LormwALGedWarU 571255 
z toperib Ini iitmpn PwetHAg . 


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PraperTy Fff J1*I 6 *9fl Zj — 

tbmvnWFd. ah62 7* 9 ♦0.4) — 

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Z UKEfantyFd )2«H HoS -S3f - 

Mtt.EutrFd ,— -,187 4 197 jj afaH — 

“ JwaFod ;1506 ISu3 -44) - 

N AmeraaFt '1053 11448 >0.71 — 


ST Management Ltd 

aril Floor. 8 Drevttnftjrr 5fa EC2 
GTPia Brad Fan .. I17B6 
GT Pin Hrra TH Fnd ll*l J 

CrPlaFuEadTnd ,(60 2 
GTPIjnNfanFara .iliJ 1 
DrPfaUKfaG.E Fra .2111 
GT Pin Wrldara Fra 1255 4 

GT Pra- Pra Fra Ml 

Cl PrnMr+a/iaPd . 8*1 < 

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ST Pm ig Am Fn ;228 9 

GfPrniJtfaGE Fo 296 6 
GT Pmthraatrara Fd .788 7 


01-203 2575 
18601 -IM - 
2D1 «' -U 5l - 

168 7^ -I* - 

lol 2, -0 1 - 

254 9 -1.1 - 

268 9j - 1 71 - 

217 L -£X - 


Irish Ufc Assurance Cd ftc 
LongtWfe Home, atkr-ift SL Ed 
Prooertv MaMH . _ - WJ 2S 

75 Praomy bmK Gtt —.1371 9 J* 

- PHY Mod U* Se».r..Jl720 18 

- Pon.MadGU.5cr 3- JmB » 

- a+r Duo ,1890 1« 

BtorCfaoSer^: 29*1 » 

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- Van n ed — J6605 HI 


2*0 9i -05 
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PnCi M . for Acaim U*ir, pnly 


Eensral Acctdenl 

»?4 AadrnriuvBr Rd 

ia.nU9rd 

L-e Eoa-'y 

P| Ii-d Il’I'WP'J 

Cr-R IVpjuJ 
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iMPffUli^kiii 

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Linked Life Auarante(z) 
Croydon CR658S 01-6860411 

1IM.6 IJ4 } I - 

IXt-a 133 V — 0 21 - 


IE* 5, 

1>*6. 

IDG 17 -OJ. 


1125 

113T- 

1138 r 
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AisicuraziDm GENERALI SpA 

117 Fraoiartn Si London EC?E< 50r 
Harran- Graeraii u • GU 107 j HID; 

Kirfairg Gener.br Pttr . 1113 ItT > 

Hnirair Canadur 10“ 6 I IS A 

Hnmorw. Eoadrlfa ..152 1213 

HnrifartH Earaomr II* 0 IS > 

rt++0m, Hh 0 lot cir+ .11*4 120 5, 

Hjmfirw. JapfaF.e Ea-J 1318 138 5 

nnirfanr. We Arranuo J 17 5 I LB 1> 

HamutTO P— fa A.. -ei- ( IIO* 1168 

Hjidn, Suadxana ,170 5 7272 

Hjriyn 'null if lor *120 1 126 5' 

Graerab i+l+l Mao+yrd JPI I 317 0 

General, Ipr Mid p-y . D2 J 73* 1 

GpnrrbrCarii *7 0 102 fa 


- U*uqnl5enm3 - — .2615 

- bmhnl Marugn. . _ J291 2 

- GUM Property JDLO 

- Giobb Filed IMneri - J776B 
tribut Enaret — - 323 7 

UlGbCAU 4167 

(Ararnjr Seu+rey F+tf -.1*2 

I) Uirrrul BsJOcea Fad. FU 
111 Uarerul OcaMy Fe — 113 8 

luratlape 7*511 

- Ppiy Pra Ser.r..— {UL* 

- Earn Pen Serrei Z +495 

_ cm LdradPra Ser Z -J3166 

- UanMWPea See 2 — LMLO 
_ Cm* Pmm Senti 2 — 'IStLi 

- The LAS Group 

Z lOGeorarBl.Edtttaa*: 

_ Crrant Lift Hi anw 

- Vanned Fond . . . 120*0 

- L'K Ew< ... •£&*.* 

_ Progeny - - ;1 7E3 

_ Utm Matter '1366 

_ F.»ed in. _ _ .173 7 

_ Jao*. . -2*6 0 

Minn Amenta • ,160 1 

- inmuMiib - 1*45 

_ 65* 

Eimja _ JM 5 

Fj' Edit - -.915 

""j" 7-cara*oor __ — 1102 1 

ray Sm^lSruora <IZ3 9 

Pfattrto Fa-fa 

- IfariUOM -DIE 

~ lrwim-.il 127 6 

Pnony 41*6 

~ Mon— . Kfetn 4116 

F'lrdkwrBt J2A2 

- J+Erariy 4*33 

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■- Jaoa' U35 

' Eimraa ... 1** I 

~ Pnher Utr Fhadt 

- Prat Serwed Hmm 1134 

-- £ PWfedOrit 'UO I 


2164] -02, — 

2*9-5 -IS - 

189.1 afijl - 

148.1.' - - 

-93 - 


69 *! -O.H — toOtt 

15TK al.*l - tadei 

9B*] *i.jj _ lata 

157K *0.1- - HU- 

130 B -001 - Mb 


13U1 -ELi; — 

130 3 -Oj] — 

12027 - 

117 BP -(L2 - 

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151.41 -0.4, - 

119? -OJJ — 

137* I _ 

151.9< *C» — 


General Portfolio Life Ins. Pk 

Crov-tnok St CiteVum Hem 


Pcrllafao Fa fax 
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FarEmrrii 
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PraUAEO-f - .. . 
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Pm In Maned . 

lor rttli-r pi - 


0992 31971 
3*8 L -Oil - 

*|4 ft -0 1, - 

1**(T -071 - 

14.7 *05 - 


Langfura Life Assur. Co Ltd 

Lawful Hse. holnemh Dr. NW( 01-203 HU 

Hamm Pen F— H J3B 7 SIX . > - 

Laoraan; A' Pub . .11052 110.71 ■ — 

Proa Bond 3184 115 71 . ' - 

UnpiSPiMaiFd 148J 1364’ < — 


Londwi Ufe-CuntniKd •[ 

ESTE -1 - 5“ . £ | 

SSSJSffl“=3 'SB 1 


KSfim . *** „ £ 

EWSlifaff}-— fiK • 

PropwtTfP’— ' . 

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WlfalAdt Pali. Eettff ^70 IP* -^v 

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firiftSraiFiflrl " TM 4 ' 553 

SSKw wZZTaS* ■ 
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Cwdb Groat* H bl— • W- 

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LSaS.'SiTrffi; J3 

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Thrae Oodyfa To-w HtREOR b#^ ‘ . 
ArnirSoraiAttl-- — 8990 “2 ‘3 

abut Arc flartt U»«7 — 63S.9 

Am- smr Co tM lAcd -JJ 66 lajr 

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Jaua 5man»r C® IfaxJ— T*h7 1M-U 

MwyH Band Mori 5*1 6 S5 

erawiBntt tto i — gn« 5£-5 

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EdcAhnterfkiriML WMmdsKoA . 0444458731 fag^BwaFad.— 

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- 2 Mowfiom Road, Hare. BN5 15£ 027372*588 

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- Cadi'wtrti.. . .,(27 6 1J4C — 

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- Erady imal.. 3870 *D7 ^ -IXT _ 

- DoAlmb. 5097 536 br -L6 - 

- Inara raal... _JlU* 12fi.<K -Ufa — 

- Do Aican -.,124 7 U1.3 -QJ — 

- Fa Eadera U5J* 161.7: *0 J( - 

Do Atara 356 6 16*9 -02 — 

Fiied mai 2605 27*31 -LO 1 — 

- Os Acom 343 1 361 £ -06, — 

- laoei LrrtedM ~04& 10*5 -a I. - 

- So fata J1I67 122.V -oj) — 

- irm. iiHub Z2IB-* 25: A *021 — 

- OsAfawa. 1011 3254 *0> - 

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- Od Actum *042 *25 5 -1 D - 

- north Amentoi 1120 S 126 9, -0.«j — 

- Do Accra. U22.8 I29J) -0*, — 

- Prapeny»»6b._, (1*85 156.41 _ 


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fjrLehtfffi __ _, — U93* 

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Fried inn 2605 

Do Acorn. 343 1 

laoei LrrtedM 103-8 

So Accara J)fc 7 

l ni. inmb 238.* 

Os Accra. 1091 

Maaradiafab 3060 

Os Actum *0*2 

Mi'll, AinrntjB 11205 

Os Accra. .11228 

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lor new I»..m prate K-rirm *I® 7 I 

GreMum Unit Aisurance Ltd 

Z -h Pnocr of Ml ate Ru. BoamettMuth 0202 767655 
Matuyed Fd . .-.-*070 *28.9( *U, - 

Hun Fd JlBOB 1*0*1 - 

Eariy Ffa -JJ388 357 « -iS — 

Fitra ln Fd . . . .|X**B 157 .m ♦aa - 

PrHfeyfyFd pae* 2i*6 - 

llaanjed Pea. Fd gKfi *236 - 

EoriyPenwFd . — £974 2G06 — 

Fried In. Pen Fd.. . -012.8 22*2 - 

H-HYtehlPrt F«..._p62 2278 | - 

MrrttyPmvWiFd il655 1742 , — 

PnKralyP eraaoFd — HlttS 17*11 I - 

Amrnua AGraTo. 11 . . 094 L »**! *L» — 

CJlMb Fit 371 J JdlJS - 

EaropoanFmf -Wl 115 ff -02 - 

Income F4 .... . . I53J 3720) -0.1 — 

InU.GnMtnFd. _. . J030 JUS *03 - 

Jwltoi rd ... 138.*. 1*6*1 -12 - 

Rmoiutt FU. 12550 . 26871 -03 - 


Krugswuad House. KtagMKMd. Ttdtrurth. 


;S3 - 
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Growth & Sec. Life Aw. Sue. Ud 
47 Losddt Feint EjnJMoge. El 6EU 01-3779J45 

isssass!..*. 1 vva’ j = 


Surrey KT20GEU Btirgt 

Ei. BMa Sac. UM 1105 < UU 

Dn Aoara .— — . _.4Q9& 1 15 

EimMCashlBfa — - Jl*00 200. 

Os. Accra. B*9J 2624 

Eierma Eery. «L UU U&J 

Da fatoot 0957 HI) 

Eirrma Earn lot -4070 112.', 

DaVora — .. „.Zfl07.9 lUl 

Euapl FaEag’nlnfaZhlU 118.' 

DaAfarra glU 419. 

Earn F.rtd but 0470 366. 

Da Aecra 14562 48EL 

E.. Mai Ufa tub — T icaz JU< 

Do Accra— U712 1276J 

trtrtM IML nub D8I6 3 *1 3 

DccAccoar. 21J 7 2250; 

Erma Mofa. IM. 1*644 488.1 

PO.Acam. 0092 6*12 

Eieram h- Alley, loo fill 7 H7J 

Oa.Aaaar.__-. 312 » 118.1 

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Sp. DepaMAM..- — Z4386 1451 

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Pr*j» w 'ir-w i «*— «r 


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1193 *0.6] - 


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Od Asirar WS 

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Peea. Pusfac B*»3 2574) 

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■tou u factraers Life tneraiKe Cu (UK) 

Si Grave'! Way. SMitregr w W38SS&M1 

UuyM 948.4 366.71 . J — 

Proem, 1249.4 262 S J — 

Eaam 3759 395g - ] — 

Gor&ifao— — 35LZ J69.71 ... i — 



Z Guwtfcu Rayal Exchange 

— Rwal EicfcaraP. EC3 

— Gwwdfan Amarane 

— Praowiy Brash. HtfaJ 

— OK Linked UTe Anamcr L(d 

— Nkanaard Inmai .4330 0 

— Do Acorn . 4J882 

— Emu law |*J7 5 

DcAcoei.. Bleb 

— Find hfa Inirtl . J2**0 

— Od hum _ .J287S 

— land IM>ri - ... |33U 

— Od Acoam — . . - 43*0fi 
MoeihAmyncalDMi .425 3 


Pjnfic ■MU' . . 4 1 78. 4 

Os Ascam ]|*>2 

Prnrary Imhb - -0338 

OoAcohu . 1157 2 

Indei Urtid M i >*1 -J027 
Do Aoani _ . ...1U9 9 

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Dmovl Accra 1 160.1 

HE rename Mama n Deid U 
Pem. Managed iraeb . 1350 4 
Prill. Hrasnl Acr_ . it 12 I 
Pur. Eowli MUb . 1*95 * 

Prnv Cowy Ac*. — 069 5 
Prat ed.HK >*, Lib — all 8 

Pern. Furtfliai Acc . -0125 

Prfa. IM'I biiub toJ 

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Pem Pro. Ac. .. 1 1635 

Pera (ad-LMt G«ti - (li*J 
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riera O-v far 0*72 


Hearts of Oak Benefit Society 

L29 PGngtiMy. Lcrnkm WC2B MF . 01 -40*0393 

Praperty Find -fri D 51 I | — 

MfeWiedFiard — . 11750 IBItt ] — 

Pm UouaedFM _ Jl*3 9 151 71 < - 


Hendenan Adudfihstrataou (a) 

2b Fm-fito-. Si Lorehat EC2 

Hum Income .. -.254 7 268 

Grit Cited *52 100 

CJpGedatt! 241 B 255 

Teundwn . I*Q? 200 

■Ul Rmue, .. ...1100 116 

SokiAI Stdiiumr, . . 260 3 281 


01-638 S7S7 
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: ^ ^ * 

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345 Foe oarer P-xr. Ice Boy* Man 51*56 

- Legal ft General Prog. Fd. Mgrs. Ltd 

_ 1 1 Qaeeti Vicuna SLEC4W4TI> j 01M8967B 

L & G Atari 1 —11565 - 163j . .1 - 

uert we d>y Jsh 1 

101 Ubcrty Ufc Auurance Co Ltd 

Scat KM Rd, New Bonn 01-0408210 

~ Fund Ma ri a y rry Touche Remnant fa Co 

_ Set Sec AX 33.3 « Jl ... — 

_ UautRd 4255 26 9) - 

_ Eawfa 7Q9 22» - 

_ BhreOnp 32*2 30 S . . - 

_ SeetUifab J2U6 303 — 

_ iraraaiOBl 3*5 36b — 

_ Amman |g 3 Oifl — 

Z Fi^Yrad ZZZli220 2* 3 '.. _ 

_ ladn LrtkFd Seci .024 1281 — 

_ iBtCarrencY 056 ttS - 

_ Dranw J17A Ulfa — 

- Uayds life Assurance 

~ 20Chhm SL EC2A 4HX 01^0002030733262524 

_ Hrdn GwOiMa 2 1_ 39310) l — 

HHfGwthHir M#y2.. 3J60 3545] — 

_ OpBPnpMjy 15 273.4 287S *JJ - 

_ OpBEurtyllCnlS »94 5163 -JX - 

„ OpBHemTirtdMaylS.. 317 3 31*3 -2J - 

_ OkBHh Ha 15 j**T* 4TLs -08 — 

OaBDmMa 15 2805 237J UJ» 

_ On 8 Bird Ha 15 — — 213.1 224* -04 — 

_ oaBMclVaMalS — 1842 mi -o.* 8* 

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_ CraeraaiCbiltalS— 1588 1678 -Lfa - 

_ Pm 6 Pr Ac Hey 13 »27 <23* — 

_ PrimBEqAcMAyU — 1639J ITZbd ... - 

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PrakahttWU.. «660 9Ufa -- — 

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Pa> B Get GMr Hall. 1615 1723 ... — 

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m Pn 8 Get P Acs May 11 _ 18*3 !**.« . . 

nl Pm 8 Herrdreioa Acc .. 137 0 14*3 .. - 

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X91LU 01-6600606 

3048 - ■- — 

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Scottish AudcaUu l u reitmcu ts _ ■■■ 

130SI ViacedtSt, CiAMow 091-2482323 

2927 3084 .1. - ‘ 

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l—jHKUOnftl K5i Z37JJ . . — 

2 S=^Bvp :“!£.-=■ 

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derail «. IM- i W._P675 176' 

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30 UcDrfdar AL London W128PC 01-7*99111 

CradpACL tULd 1U9.J -LS - 

RndMirta Act ZZ -ttll* II9.7 +E3 - 

Ufa Acs li) 12«4 -Ol — 

■ rap l W. pJOb 137.1 -ft* — 

PraratrAw U 53J) 1624 - 

Hraeyte _Jb74 91.1 - 

SteabMahelAaZZZuObJ 1124 *0* - 

-terra Acc 1ZJ98.9 10*4 -flJ _ 


HAL B u ara ra Acc. 
JraraEeoMBAcr.. 
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756 79J 


= SEKsr^s-j sa ai = 


dnurtatt ML — U*0 

OdACCm ^ }477 

drauUIra Ml, 176“ 

oaAuoL zau 

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Snftish EgulUUe Ufe Assce. Sue. 

28 St AndiYW Srv Er*r*raflh 031-5569101 

. Mmd 12EJ 130.91 -fti - 

UbErany U95 m.M -lx - 

rranaunat 12*9 1368) -02 - 

Atwttcra 1114 m3 rift! 

EOHKM U6S 14*3 —81 - 

JHH* 1*65 1544 *414 — 

Prarflc 129.7 1367 -OJ - 

Ttcaaolony 129A 127J -OJ - 

Ftaadiacered — U60 1114 -04 — 

MdsedLPhtd 19.9 . 1D5J - 

Fmeega flandtOandacy - 1181 1242 — 

CU — 99633 UfaBTa +4UM8 — . 

PMMHcd JWO 313.7 -14 — 

Pm UKEdoqr B2J 3*91 -LS — 

PcnlMMUIioaH -324.4 J«1J -ftd - 

Pm hn ann ti 1174 1Z3J *O.M - 

Pm Conran U92 1255 *ftS - 

PmJuna 1 14241 150J -SUj - 

PeraPaoAc 1017 1074 -LM — 

PeanaddlHwira— 16Jtt 172.1 -CWj — 

PpmladraUake* 1160 1234 -1JJ — 


Scuttata Life Inv e stra euts 
19 9c Anfaew Seam. EAttnigli 

Property ill 06 

UR EteW W8 


.,.') 'I 

rriw» - r l/-— ‘-T 7 1 


Spfdb Motet ta (J4J8 


= VSSXZxi 


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PiatafiNSW. 

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ranrttBHpdPMAtacJSM SSJ 

HUPOftpamcf _ _Jbfa8 68 1 


_ Fioed la w raw — — 1141.1 


* 167.7 

127 J 

rd. -1110 

1196 

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- MUM Court, thnUni, Sorer . 0306 887766 

- CrahttGesrah _JuM.a i09.il -a*l — 

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t — llsPS jStI ' J z 


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finOIIWwiL . . 

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w. . --I14J8 151 W *05 

f ?l* 0 225 M -Ot 

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134 J 141b 

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■ncraFrraZl 1765 108 *ftS - 

EnsminFmd.. IM.9 142fl t — 

lAf FttH 124 J UO.M — 0 Jj — 

Kranrd Food . 3754 mi -oi - 

CpatyFad 2335 Z*Sl —LSI - 

8 JI2JJ U7.l1 .. .1 — 

in aetui Merar trlephaae 0908 606101/660888 

i Medkal/Fidefity hrterutkMal 
Plan, Brand BS2 OJH 0272390566 

art Fanil 

... 127* 13*3 — 0 ll - 

ltte 155B *0.«| _ 

1072 112.M _ J - 

lediweem (1179 124^ -OJI — 

icanm I10L9 UJ7J . 1 — 

1051 HOB ! - 

•ntra llObJ 112a -HA - 

11L0 lifafl — 


FaCaSMn... 
ffaar In. Ids. . 
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— PesMity- 

~ Special Sd. 


Equity ft Law 

AmeNuni Road, Hrfh Wycaerfae 04*4 33377 

UKEOBTbnfrad 141(4 4364] -1 « - 

Hitler Ufa Fuad pT*3S *14 J -47 — 

PiremtyPrad _J25b4) 26* I — 

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ladn LaU Seu Firtl _ 4 10 b lib* *0 1 — 

Qd.OraMFww B7 u isaa - 

Nth (menu Fuad .„i&7 8 250 J *04 - 

Fir FAS Fate E?94 24L4 -OJ - 

Earoae Fwrt ,. _ — 0087 2J1X *12 — 

uceriwtairu) Frad -- — SS82 2717 >04 — 

HucdFutt —Zazaa J*6i -01 - 

MfaPYn.E«anUI BO&J 5311 -6 1 

MPnK*i lac i/I hifaO 1191 -0.9 - 

tufa Peo Fid h*. in B67.T 2817 *l5j - 

U PenldiLhJcilr). Jl3U 139 1 -0 3 - 

llW.Pea Prraselytt). 212 6 *16 — 

lodPn rt America (ri D02.0 107 *04 - 

UPteFarEadUl.-InSj 12861 -09 

Ins Pen Earapea 'll UO* 1 U4 ( -00 — 

tufa Pen OHRWrt'ft— @525 «T6J -2 5 — 

Ind. Pen. BMawdiU.. JMD J66J -14) - 

lea). Pm. Cna'il ZC012 2117 *0J — 

Md Pee OAF Ser2lii — JllU 117 1 *04 - 

hUPnOAFSallJl _<2125 33 Jfa +0fa - 

Pncey ire tenet J jen I ha'iW 0* r **#■! 
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Family Assurance Society 
19 New Rd. BndHoi BN1 1 WS 0273 724570 

FraalyA HhMOM _ -ti?57 383 Jr - 

FaaHyB Horaed- ^15 1 2W S! 

FrattrCSeu .[1953 199.V 

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Faa'iBnlii 4210 ID 5* 

FoaiyGrartthSenecl 1012 106 31 - 

Fanli Grown tenn 2 550 57 V - 

Ftey CoaDribJMdbtn M9J 51 9 — 

Federation Mutual Insurance Ltd 

29 L rtkhetd Lane. RTOhm, Suney 67333 

IM Til Fd tend . ..a 072 I126f t - 

her T« Fd Accwri 4 1*6 I X>» ' - 

First financial Services PLC 

OreHdrt LdriWn. EC3A5AN 012832300 

PmawFiMAuan/t 1100 1158' *04' 


21171 *0J 

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HUI Samel Life Assur. LU 
NLA Tower. Addnu»*>f Rd. Ooydon 
Secant* Fwnl in . .. J2**9 261 

Brdiih Fnad:.-' . ... £*30 255 

1 rtemat traai Farid t/»_. 2*66 SI 

wiaRmni 1*9 * 

Ccaui Fuaa rji .. 27*0 

Income Fiall . - 2*50 

p»wm, 208* 214 

Proom- Uwlt ltt J37 7 J54 

Fiaaaab Frattli' .. 0304. 242 

MraaardSeemAra’ ..068 0 
Hraaerd Senes Ctrl 097 5 
MnuadUmniii- . .1*672 
High Yttld Fyrrt til . . J77L5 
KverSerinC'ri. -467 3 
Uariy Uwii'ii __ — *21*2 

EcracyFiewir' JXKO 

FI ard NKI Farid 'll — -X2I0 0 

Ewtriried Sec. Fit 'a i 110*41 

Earraara FnadUl . 0853 

fiAUrb Rric/Cl Fd(xl . J1317 

FttEM fand HI 0196 

Srrtiter Cai'ii .. ... -12*24) 

Sarc. Sni Frad<ii ...MS 
MAriqd.Crriee.Fradl.-l -It 46.0 

Jacfewr Teihlil 7)131 9 

GtobdBoteFirtl ._te)7 

Pinna Food Pncci 
PrwriftyAcc. .. — -.338 

PnMrwyCjp — [193J 

Pneerii See Act fil*2 

Praorty See Cra — ..4108 

HAaerdAct... D9*7 

ManwdCra 4*312 

Ha* wet Ire An - _JUft6 

Maiaml Ser Cm TlBbl 6 

C uarat r id te..— Bh38 

GawonUCdCaa 1)89.6 

CuaaauedSerda 11250 

GoAramcd Ser C*....Z}j07 8 

Catty Acc pi 14 

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Carte Se- Ate — . . -4682 tn 

EumSerGra [I56J IM 

Fried latte. . . — 396* 3U 

Fried lot Cra - - - 3350 218 

Fired tit Ser te . .. ,'1333 
Fnrfl Ini Sw t*9 . ... .-ilZ*.9 
IndeiMSAf. te. . . ^1187 
I named Ire Uo. -ilOOl 
InfeittSh, Set Act ill l 7 
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Inti SeeAu 1*6) 

linl Set Cra . . - ,L»« 1*3 

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& Boar Owchyard, UHh EG 
Maa^FhW — — -3608 
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Itertnal FwM ! .5*30 

UK tarty Fd flMJ 

Fiard Irtrtrid U«L4I 

Pacific — IS-7 

Math Awarican — 1089 

Pete Mate*— ■ UIO 

Pern. MEMO M69 

PmUhetUfetteft— 

Peas. Pidfiwty 11/1 

PertL Fried lateres — _ 181 


FruvUant LHc Assoc LU 

PeondcM Way, BAtlngmke RG21 2FZ 0256 470707 

Urmrood ZJ734 3 7TlJ -3J _ 

EMtyFrM — .3558 1UJ -23 - 

Mraadate Fd _J]17fa 1Z3S -0 4 _ 

FUed loured Fd -7&J67 1*3 H *0G - 

P raer i r Feral — — 0364 14121 — 

hrtei-Lraed Faad JTlBJ 124.* -0.1 _ 

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Pool AAliritf lOnteFo Zfijftj 166 3 - IJ — 


Scottish Hufam Assurance Society 

109 M VWcantGL Glra ao w 041^48(321 

PmUaqdU4Kh27-7zIS.B .5S2I J . “ 


Scottish Mutual tuvestnuuts 

109 Si Vkant S*. Glanow 

S**ry Fuad. — 0162 

Grtrreu Fnrt. ill* 2 

OooeriTrtrlt Fwrt — _ bB4 




>EC0U«M 
08 169J 


- EhlfaCareqy 807.0 

- 50Mb Ste CO* J 

- UKSebrCoi — PM7 

- HraGia — 12256 

- 8e***r H.aii. d 

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= 5?? 

- -AMPGatar _ - hi* 

- KOdPBeHCGF 113.0 

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Da. 1316 

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- AKanwcmtebo 1225 

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- Votty od Loci UNra— 10** 

- tetetnUmcfibtef- WJ. 

- Naia* lac 1 Cteth Fd ... 1082 

- M&B hbra! Portfahri— W96 

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- CrtrCradb Brad U92 

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= Luradoa A'Umu A Htite MIL Assur. LU 

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7 100 Tenure Sl. BntULIISIbEA 0472-279177 


SereeatteNd.-PoaU.MnMl 0202600666 

Find areera 1*07 1K.7B ... - 

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5 iliJ -53 - 

9 236 g *ai _ 

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1 *04 _ 

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♦ Lti 7 


PfteUK _ 
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Equety j *260 

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PhhrerTy.. .. J Hi6 

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U.wd „J 3007 

. ‘ 1265 


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300 7 ! -I« 
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Royal Lie Inti. Ltd. 

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MAG (Cayman) Ltd 

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UO.OODaadaaoft . 9 875 71751 

Oppenheimer Money MgaiBt Ltd 
66 Cannon Si. EC4N bAE 

Uftytoaicn. - UD 125 

PhM'ips & Drew Trait Ud 
120 Moorgaie. London EC2M bXP 
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nwaui. Net- actual rale ahei orrtuclier ol CRT 
Cr Eguw CAR: Grow, nniwalert u basic rate tamaycrw 
tbrioo*ad*fl aanwd rate. Im Cr iregomc, iMetett 
crodacO. 


NOTES 

Prges arc m price itdrs* othersnse ndcateil and Itiow 
dewmtfetf S wrtd no irrtu rrter la US Collars. *•«* fc 
to (sbrtfti w tael cokimoi aBow (or att noyrtg expemei. 
a Ottered krites mclndr all ntmn. k Today ' i pnerv 
c VieM brised on irtfr prffsr 0 EnfcnUnL y TMay^ 
omn iiW once, b DnintaiaMi (rye of UN Lues, 
a PmodK prime, Hnwancr puns, t Single preiMon 
•narance a DUrad ante radimn ail erames P.ceffd 

ageni s cffmiMw. y Offered pnceroclulKjU expenses 
il oeogtil ibroegh naugen l Presume day's pree. 
* Guernsey grnsv t Saspenoed 4 Yield before Jersey 
Ua t Laradrrmoa. tt Dnh axailaUr lb cAariUble 
Bode— 0 View column 0bws anmatised <ws ol NAV 
nsu-easr u ei dnnamd. 


Tyndah-Gaartha Mogt LH 
PQ Boi U56. Haraben. Bnnmti 

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TGMftn — 1 12063 

KE iri ud J 172.47 

T-GCmrtPkty I E937 

T-C Jlmtgjgr . . _ 1 CS1CL24 

T^OrtriW— - -I 41734 

T-C Piter I W9ltt 

T4WMiSin«i 1 495 K 

T 5 'Vdo l 5828 


TRADITIONAL OPTIONS 


iBdBItiids 


3-month call rates 


M. G. Ty mil & Cc. LU. 

PQ Boi 416, LOKOon W13 9NT. 

Drift (11300 I3.40i 


Eradtage MAiwQamrN t LM 

lQRsyal Sgaare. Sl HeUer, Jertey, Cl 
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ra en 292, GrM) Cavmm. BWI 
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CAM Ma> to lot J 411 8W 

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SCilrifaVAV- . . 51561 I -0061 - 

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cu 135 Camoo 5L Looosn ECJ 0J421 0156 

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Bfrthiri 132 


Bewares 

Brit Aernyace- 


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UA. Traasttiy Securities Fuad Ud 
POBoi 48. Sl Pel to Port. Uerosry 0*3123021 

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S6M, r T_ I»JE 5521 rt LUJ 1083 


I 0J1 


Vikiag Fund— SlCAV 
20, BoiUnM Emnanurl Senate UiaerMourg 
UAV Hay U. Ecu 99.73. 


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Burton Oil 132 

CJdtnrys Jl7 

ChArur Coen -22 

Comm Unkm 128 

Couruatds -jS6 

Dnullefs 152 

FNFC jl5 

Gen Accidert . ..—ITS 

Gen Elwrte 117 

Glaxo !1H 

Grand Uet JM 

GUS’A' J75 

GbanSar. — 75 

GkR 32 

Hanson Tu ...... lb 

Hawkn Said 52 

ICI 50 

imps'. - ... 128 

Jaguar 127 

ladbroke — . -132 
Legal & Gen-.. .. In 
Lei Service ..... ,.|38 

Lloyds Bate 55 

LB£»li*dl„ IbO 


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17 

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34 


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” -rvV > ‘ -* • ' - • -' " '- 


p -inonriai Times Friasgr May 16:1386: • : 



AGRICULTURE 






By Tim Coone in Buenos Aires 

THE vast Argentine pampas, 
stretching out over thousands 
oF square miles in the hinter- 
lands of Buenos Aires and 
Bahia Blanca are expected to 
produce record harvests of 
maize and sunflower seeds 
this year. 

However, neither this pros- 
pect. nor the possibility of 
increased Soviet buying after 
the Chernobyl nuclear 
accident, has prevented deep 
gioom settling over Argentine 
grain producers and traders. 

Regarding the prospects for 
more Soviet purchases on the 
international grains market, 
Mr Marcelo Regunaga. head 
of economic studies for the 
Argentine National Grain 
Board said: “Practically all 
our wheat from this year's 
harvest is already said. Even 
if the Soviet Union were to 
increase its imports as a 
result of the Chernobyl 
disaster, wc are not in a posi- 
tion to provide them until the 
next harvest at the earliest.” 

However, there are already 
indications that wheat plant- 
ing this year will be as much 
as 30 per cent down on 1985. 
which in turn were down 6 
per cent on 1984. Low profit- 
ability for the pampas farmers 
has caused them to switch to 
maize and oilseed production, 
or simply to leave their land 
idle. 

Soviet purchases from 
Argentina have fallen sharply 
since their peak in the early 
1980s when over 80 per cent, 
or some 15m tonnes of wheat. 



maizs and sorghum, were sold 
to the USSR. At the beginning 
of this year, a new five-year 
trade accord was signed with 
Moscow, but this calls for the 
supply of only 4.5m tonnes of 
maize, sorghum and soyabeans 
each year. Even with the new 
deal, grain sales to the Soviet 
Union were practically non- 
existent until early May when 
700,000 tonnes were sold. “It 
was the first important 
purchase by the Soviet Union 
this year,” said Mr Regunaga. 
He pointed out that the five- 
year accord is not In fact a 
binding contract, and that 
there is no guarantee that 
Soviet purchases will indeed 
reach 4.5m tonnes this year. 
The Soviet Union has itself 
been anxious for Argentina to 
improve the trade balance 
between the two countries 
which is heavily in Argen- 
tina's favour. 

One leading trader on the 
Buenos Aires cereals market 
said “ The most serious thing 
is that the Russians don't 
have any money. They are 
driving very hard bargains 
and buying at the cheapest 
they possibly can.” He said 
that the subsidisation of EEC 
and US cereal production, 
and the prospect of major 
disposals of stocks onto the 
market this year, was under- 
mining Argentine cereal pro- 
duction, and wheat in particu- 
lar. 

Government plans to raise 
grain production to 60m 
tonnes per year by the end 
of the decade from their pre- 
sent level of between 35m 
and 40m per year “ are 
Utopian” he said. 

The expansion oF grain 
and meat exports at the same 
time as sharply reducing 
imports was seen as one way 
out of the country's simmer- 
ing foreign debt crisis several 
years back. Policies directed 
to those ends lay behind the 
expansion of land under 
cultivation for cereal and oil- 
seeds production to a record 
of 23m hectares in 1982-82. 

However, the gradual fall 
in area since then Is expected 
to accelerate this year with 
less than 21m hectares being 
pnt to the plough this season. 
A decline in the cattle herd 
hy some 2m head since 1984, 
means that a further 2m hec- 
tares of agricultural land wjll 
lie Idle this season iue to falls 
in export demand overenpply 
on the world market. Grains 
and beef traditionally com- 
prise 70 per cent of Argen- 
tina's total exports. 

This depressing prospect 
prompted President Raul 
Alfocsin to declare forcibly 
in a state-of-th e-nation 
speech at the beginning of 
the month that “Argentina 
will not cede spzi* in the 
international markets.” He 
promised that export taxes 
would gradually be reduced 
as a means of stimulating pro- 
duction. His scope for doing 
so is limited however. Almost 
20 per cent of Government 
income is derived from export 
taxes and any serious cuts in 
Government spending will 
aggravate an already tense 
situation with the militant 
trade union movement 


THE INTERNATIONAL copper 
industry has warned the Lon- 
don Metal Exchange that it 
may be deterred from using the 
market if a proposed reorgani- 
sation results in excessive cost 
increases. 


to the wishes of producers and 
consumers by introducing a new 
high-grade copper contract 
known as “grade A.” This will 
fully replace the present higher- 
grade contract at the end of 
next month. 


In a statement released after 

a meeting between representa- 
tives of copper producers and 
consumers and of the Exchange 
in Sorrento. Italy, the industry 
acknowledged that the LME, 
the world's leading metals mar- 
ket. was under pressure from 
the British authorities to change 
its structure. But it said that 
" any additional cost resulting 
from a clearing house system 
should be kept to a minimum” 
so as no to deter t from using 
the LME. 

"The industry was anxious 
that measures taken to protect 
investors should not disrup the 
balance between industry and 
investment activity on the Ex- 
change,” the statement said. 
“There was concern that a 
major shift in this balance 
could make it an unattractive 
medium for either category of 
user." 

Copper is by far the most 
important contract on the LME. 
and the industry once again 
stressed its support for the 
Exchange as "the principal 
world copper price indicator” — 
particularly since it has bowed 


The industry's worries stem 
from the Exchange's decision 
earlier this year to switch from 
its traditional system of trading 
directly between principals to a 
clearing-house, under which all 
transactions would be passed 
through a central intermediary. 
This is bound to increase costs 
to users of the Exchange, since 
it will involve greater overheads 
and tighter rules on margin or 
deposit payments. 

The industry’s appeal for 
more say in the Exchange’s 
affairs represents a further com- 
plication in what is already- 
proving to be a fraught series 
of consultations between the 
LME, its users and the UK regu- 
latory authorities — principally 
the Securities and Investments 
Board, the watchdog being set 
up under legislation currently 
before Parliament. 

In a speech to this week's 
Sorrento meeting. Mr Michael 
Brown, the Exchange's chief 
executive, said the LME was 
experiencing great difficulty in 
obtaining approval for its 
current daily trading system, 
under which trading takes place 


between offices by telephone for 
roost of the day and there are 
two ring-dealing sessions. 

Mr Brown said this was 
*• generally accepted by clients 
and brokers as the most efficient 
way to run our business.” But 
the SIB has made clear from 
the outset that this would not 
provide the necessary openness 
of pricing to meet its require- 
ments. 


"I should say that we do 
have a problem here with the 
SIB. who will be looking for 
price transparency and timed 
trades for inter-office dealing," 
he said. 


Other areas still open for 
debate, he said, include: 

G The question of whether to 
retain the present system of 
individual “ prompt ’• or 
delivery dates, with most par- 
ticipants favouring its retention 
for at least the first three for- 
ward trading months; 

Q Whether to retain the exist- 
ing system of contract settle- 
ment onthe prompt date or to 
go over to a daily settlement 
system. Again the balance of 
opinion favours no change, al- 
though some speculators and 
professional traders prefer im- 
mediate settlement. 

O Whether to broaden member- 
ship of the clearing-house to in- 
clude non-ring dealing com- 
panies. 


‘Some progress’ at 
rubber pact talks 


BY WILLIAM DULLFORCE IN GENEVA 


SOME PROGRESS has been 
made towards a new Inter- 
national Natural Rubber 
Agreement (Inra) but key 
issues still have to be solved, 
Mr Manaspas Xuto, of Thailand, 
the chairman of the UN rubber 
conference, told a press confer- 
ence yesterday. He promised to 
make every effort to complete 
the negotiations before May 23. 
when tiie conference is 
scheduled to close. 

Delegates, however, detect a 
lack of urgency among 
consuming countries, resulting 
from the knowledge that the 
new Inra would not come into 
force until October 1987. Some 
are already forecasting that 
another round of negotiations 
will be needed later this year. 

Mr Xnto acknowledged that 
the three-week schedule of the 
present conference was a 
constraint but said delegates 
had now come to grips with the 
key outstanding issues, which 
be defined as: 

• The price level and structure 
to be applied in the new 
agreement. 

• The price adjustment 
mechanism. 

• The financing of the buffer 
stock and the borrowing powers 
attached to it. 

The exporting countries' 
demand, voiced last year, for 
a reference price of 265 
Malaysian/Singapore cents a 
kilo remains on the tahle, 
although producers have indi- 
cated that the price is 
negotiable. 

The current reference price, 
which determines the levels at 
which the Inra buffer stock 
manager may. or is obliged to, 
buy or sell, is 201.66 cents. 

The producers, among wbich 
Malaysia, Indonesia and Thai- 
land are the biggest, want the 


price adjustment mechanism in 
the new agreement to allow for 
changes in production costs. 

The main importing countries, 
the European Community, the 
US and Japan, are happy with 
the present mechanism and 
insist that intervention prices 
must follow market trends. 

Some importers, notably the 
EEC. want the new Inra to 
remove any possibility of com- 
mercial borrowing for the 
financing of the buffer stock, 
now at around 375.000 tonnes. 

This proposal was the result 
of "misplaced anxiety” after the 
collapse last year of the Inter- 
national Tin Agreement, Mr 
Xuto commented yesterday. He 
elaborated on the differences 
which prohibit repercussions 
similar to those which hit 
exchanges, trading companies 
and banks after the failure of 
the tin agreement from affect- 
ing rubber. 

The buffer stock manager in 
rubber is not allowed to trade 
in forward contracts and can- 
not make forward purchases, for 
which he may not have the 
resources to pay. 

The rubber agreement, un- 
like the tin agreement, stipu- 
lates that a participating 
country, which asks tbe Inter- 
national Natural Rubber Coun- 
cil to borrow so that it can meet 
its financial contributions, 
retains full liability for the 
loans contracted on its behalf. 

To buttress optimism in the 
outcome of the present talks, 
Mr Xuto emphasised that rub- 
ber producers and consumers 
are not starting from scratch to 
negotiate a new commodity 
agreement. They were "tidy- 
ing up” the first Inra, which 
had worked quite well, and 
smoothing the transition to a 
second Inra, he said. 


MARKETS 


DOLLAR WEAKNESS led to 

a general decline in London 

Metal Exchange values yester- 
day. Most falls were fairly . 
modest, however, the biggest 
being in aluminium, which, 
despite rallying from morning 

lows, ended the day £7.75 down 

in the cash position at £755.75 
a tonne. The cash premium 

over the three mouths posi- 

tion, reflecting concern about 
the availability of nearby sup- 

plies In the event of US metal 
workers going on strike, 
narrowed to £4.50 a tonne 
from £6.75. The only price 
rise on the LME was in the 

nickel market, where news of 

the strike at Falconbrldge’s 
Sudbury. Ontario, plant 
helped to push the cash price 
£17.50 higher at £&665 a 
tonne. 

LME prices supplied by 
Amalgamated Metal Trading. 


INDICES 

REUTERS 


May lb; May l4M“th aso .Yearaa© 


1763.9 1774.5 l 1788,4- ! 1888.6 
(One Separate* 

DOW JONES 


Dew i May '"May Month! Year 
Jones 14 15 '.ago -I ago 


Spot 128.66 128.41 — ,118.73 

Fut. 122^6183^37, — *182.73 


(Boaas PaawhrW 1831—8X7) 


MAIN PRICE CHANGES 

in lannea unless otherwise -statad. 


METALS 


May IB +.or Month- 
I860 — ago 


ALUMINIUM 



- Unofficial 




close'p.m.1 


! Hfglulow 


L per tonne 


7S5-6.5 

—7.78 

767- 735 

3 months 

1 751-1.5 

— 6.B 

758.745 


Free Market-..- -|$1277/M7.-“16 1*1258770 
SSihT C rsui ol " : £928 _ ’-fiJBjgaO.!? 

3 mths .. £9*6X6 1-4 £961.75 

Cold Troy nT U4ZJS — 0.5 Amv.7 B 

Lead Casti ££44 3.S i£24&j9 

3 £847.5 j~l.JSjfi2S3.B5 

Nickel P I 

Free MktZ'.'..:.. 185£»c 
Palladium oz ...|S1D91XI I t OJ 6I108H0 
Platinum oz -- M-10.5oJ-O.7B M8Q.WJ 

Quieten Ivor: 8380/330 fiTQii&a 

Silver troy oz .... a28.3Bp — 8.68-_557.ZSp 
5 months jS36.40p -2.ffif565.40p 

TI froo'niict:'.!~~:-£34«/Me‘— 15 jsSKMa 

TUngston 2.07 ; 'S62J37 

Wolfram 2ZJ0Jb. S4S.-5S , j 847/ 55 

Zina - JB4S6.26 — 0.2WM37 

S months Kfl7.7fii+0Jli!e447 ; $ 

producers ^ 8700-780 j 13650)700 


Official closing (am): Cash 735-5 
(734.5-5 5). three months 74S-7 (752- 
2 5). settlement 755 (765.5). Final Kerb 
close: 749-50. 

Turnover: 27,450 tonnes. 


OILS 


Coconut (Phil! .623-7.5* :«7B 

Palm Malayan .»B45z 1 S26Q 


Copra Phil r»'l45x —8 

Soyabean iU.8-i'81BOx ■- 1 


(180 

>3162 


COPPER 


GRAINS 


U1 „ K „ UnoUlc'l 

Higher grads c(ote 


tor 

— . High; low 


Bariev FuLSept. £96.60 . + 0Je£96.£6 
luu.iw £1.40.50 1 Cl 43. 73 

Wheat Fut July., £116.00 -X119.55 

No. & Kara Wlnt. - * 


Cash 527.5-6.6 — 5.76 933 030 

3 months* 93&-B.5, —4 • 541 987 


CITHERS 


Jamaica mav 

mi 

reopen bauxite 


i 


A 1.2m tonnes a year bauxite 
refinery in southern Jamaica, 
closed by its North American 
owners last August, is likely 
be reopened later this year but 
will produce at just over a half 
of its rated capacity, writes 
Canute James in Kingston. 

Mr Edward Seaga. Jamaica 
Prime Minister, has said he will 
have “ critical " meetings this 
weekend. " the result of which 
could be an additional 700.000 
tonnes of alumina for export.” 

Although Mr Seaga did not 
name the refinery involved, 
industry sources say it is the 
plant owned by j'/umina Part- 
ners of Jamaica, a joint 
venture between Reynolds 
Metals and Kaiser Aluminum 
both of the US. 

Mr Seaga also said his 
Government was to get a 51. per 
cent stake in the Aluminum 
Companv of America (Calcoa’s) 
800.000 tonnes a year refinery 
in cental Jamaica, under an 
agreement to be signed later 
this month. Alcoa closed the 
refinery in February last year 
but it was leased and reopened 
in August by the state-owned 
Clarendon Alumina Production, 

• Falconbridge said produc 
tion was halted yesterday at its 
Sudburv. Ontario, operations 
after about 350 office, clerical 
and technical workers went on 
strike and mine and mill 
workers refused to cross picket 
lines, reports Reuter from 
Sudbury. 

Sudbury operations last year 
produced 69.2m lbs of nickel. 
59.1m lbs of copper and 2J2m 
lbs of cobalt, a company official 
said. 

• COMINCO said it will close 
its Trail. British Columbia 
Metals refinery from July 27 to 
September 7 to reduce over- 
supply of Zinc in the market. 
The closure will affect produc 
tion of lead, zinc and silver. 


Guangdong, China’s sugar howl 


BY DAVID DODWELL IN HONG KONG 


‘‘CHINA DOESN’T export sugar 
on any significant scale, so 
people rarely notice how formid- 
able the industry is.” This was 
the comment of one Hong Kong- 
based counter-trader recently 
after visiting a handful of 
Guangdong province's 163 sugar 
refineries. 

Although China rank's sixth 
in the world sugar production 
league, with refined output last 
year of 4.7m tonnes, inter- 
national interest tends to focus 
on its imports rather tban its 
production. Annual imports are 
well down from the extra- 
ordinary figure of 2 .56m tonnes 
recorded in 1982 but remain 
well above the lm tonnes mark. 
Annual exports are fairly steady 
at around 140,000 tonnes. 

Yet inside Cbina — and 
particularly in the sub-tropical 
areas of Hainan island and the 
Pearl River delta in the 
southern province of Guangdong 
which accounts for over 40 per 
cent of national output — sugar 
is playing an important part in 
the country's development. 
Apart from sugar itself, it pro- 
vides large quantities of indus- 
trial alcohol and yeast, sustains 
major industries manufacturing 
paper, chipboard and cement, 
and is the driving force for an 
increasingly sophisticated heavy 
machine-building industry. 

In Guangdong, where the 120- 
day cane harvesting season has 
just come to an end. the 
refineries are beginning to shift 
into a lower gear. According to 
Mr Li Hangul, deputy manager 
of the province's Sugar and 
Paper Industry Corporation, 

the 70,000 workers employed in 
the sugar mills are turning 
their attention to the bagasse, 
the residue that is left after 
cane is crushed, that has built 
up over the hectic harvesting 
season. Work is beginning on 
paper and chipboard manufac- 



ture, and on the production of 
industrial alcohol. 

The province refined about 
2m tonnes of sugar over the 
season just ended — about 8 per 
cent up on the 1984-83 season. 
Two-thirds of this has been sold 
to the state, according to Mr Li. 
while the remaining 700.000 
tonnes will be used in Guang- 
dong itself — 200,000 tonnes for 
industry and the rest for con- 
fectionery and related domestic 
uses. Individual consumption 
of sugar by China's lbn popula- 
tion remains among the lowest 
in the world— about 5 kilos per 
capita last year, compared with 
11 kilos in the UK. 

Officials in Guangzhou 

(Canton) the provincial capital 
of Guangdong, acknowledge 

that demand from the popula- 
tion at large for sugar and con- 
fectionery products could grow 
sharply. According to officials 
in Peking, sugar output last 
year met less than 80 per cent 
of existing actual demand. 

Officials in Guangdong 

nevertheless plan no significant 
increases in output and produc- 
tion in 1986 is expected to 
remain at last year's level. 


Expansion is instead targeted 
for cash crops, dairy- fanning, 
and fruits that are in heavy 
export demand. 

The lion's share of the Ylbn 
(£2 00m) that has been spent 
on the sugar industry in 
Guangdong province over the 
past five seasons has been 
devoted to modernising re- 
fineries and increasing refinery 
capacity. While the province 
still has some old refineries 
with a capacity of no more than 
100 tonnes a day, it has 
recently completed modern 
6.000-tonne a day facilities at 
Meishan in Panyu county, and 
in Zhongshan near to the 
Zhuhai special economic zone. 
It has four refineries capable 
of producing 3,000 tonnes a 
day. As small mills are phased 
out, so modern, more efficient 
equipment is being installed. 

To keep the most modern 
facilities in operation through- 
out the low season, the Sugar 
and Paper Industry Corporation 
has recently begun refining im- 
ported sugar — often under 
counter-trade arrangements 
described by barter trade 
specialists as “tolling." 

Under these "tolling” deals, 
countries wanting to buy goods 
from China are able to pay for 
them by supplying China with 
an equivalent amount of raw 
sugar. This is then refined and 
re-exported by China. Last year, 
about lm tonnes of imported 
cane sugar was processed 
by mill around the Pearl River 
delta, but the Government pro- 
vides no information on how 
much was refined for domestic 
consumption, and bow much was 
for re-export. 

With spare capacity still 
available and Peking committed 
to a policy of encouraging 
counter-trade the number of 
“ tolling " deals can be expected 
to grow in future. 


• Crude “A” 

Official dosing (am): Cash 930-30.5 
(031-1.5). throe months 940-40.5 
l90M>. settlement 930.5 (931.5). 

Final Kerb dose. 939-60. 


Cocoa Ft. Julylfiasas 1+19.5X1487 
Coif as Ft July *2005 <-21.5 £2 2 77 .8 
Cotton A !nd-* '45.40c i— O_25.40.2Oo 
Gam Oil July >134.25 *— 2J5* 126.75 

RubberflcRo) 56p • -57jBBp 

Sugar (raw) 51B7.5u 1—7.5 >196. ; 
wooftopa 64a 4B1p niioi-g ;<22pMg 


US MARKETS 

CONTINUED CONFUSION 
over future US dollar 
affected the precious metro 
and oil. -inaiitttk. reports 
Seuteld Commodities, 
port levels held 


well 


Sup- 

with- 


_ HtATW® OIL '- . V- 7 y* 

42.000 USg»P«qkc«a*7US gaBooe. 

.T UNR 

Juba 43.50 . 43£r.t«fc2P 42.39 
-July ' 42.70 42.17 

August -.42^ r*** 5 ■■ *0-32 

S apt* . 4M0; 42417 

Oot ' ■ • • -4336-: 43,«5r ^4£8Q :43.«3‘ 
. -.Nov.:--:: 

Dec - - 4LHT,-. -44.70,^ . - - 4A42 
Jan ; . " 4*50 1 -4^50 .1-4457 


Sddly local Activity on both •: «*%:**» .-^17 

jjaldand silver, pits. CoHgar 

“ ... ... . * -HEK]*':" 1 - _ --- 1 - -■ L - ■ ; 


tnded slightly lower ‘wH?’-"-- Wo 

remained un- w 


Oil • prices 


dunged to higher 


June 

July 

Out" 

Jen - 

April 


barge markets hut 
follow-through resulted, 
fetterless trading. Sugar w» 
quietly steady most Am 
session with light support dM 
to inquiries from Ounn^ . -^1 
India on the Loudon physt«l : irtnv 
market and held mate ®**Pv 
port levels weU. Thin era - 
dltions prevailed^ in ^tho, 
coffee market with prices 
Initially drifting lower again 
partly doe to hdc of mteiest- 
and news that 
weather remains , ntilUr ou 
fresh trade buying .ported ■ 
prices higher towards the 
dose. Light commercial 
interest held cocoa ^un- 
£a a narrow trading 
range. • ’ Losses In the wheat 
market affected also mafay 
«tuf • soya.' futures, . • wxtn- 
favourable weather resartea 
in the US grain and soya re- 
gions. Rumours that no 
mwihmiJ gr a in would be re- 
quired by the USSR this year 
also depressed' markets, but 
good-' buying of July., soya 
beans- halted further price 
falls. 


: 99 m' faess. 

WAO _ 'TdObq-.' vS7.S>^ *7.20 
tOt. TO. TOT.® , ST7S 

, «£IO • ---9630 
MBb*-:iCft3R-‘TOWS- 9&30 T . J3T-40 

July •' . ng-ao 

s«pt-. ri«530 WW; 


P1AHHUM 50 fcoy 

Ckm : 


41Z9 -*. *J3U*. , 415.6 

4Tf-0..---^j--_ ■ -4T4.8 

„4».1 .447.0-. 41T.fi -- .415.7 

:-4f*e/ •4ao;s: -,4m.o ' 
-42*=*- *?t4. ^423LZ 

4gTO 4ZtO/ -4Z2.0. 


SILVER HBD.iroy; Bj cBnU/Miy OZ 

: Ctats 

306.0 


M»y- ? 

Jum . 

Jut y- 

Doc ■; 
-Jan : : 
March 


..-5083)' 

.“611*1 

.‘--no;* . 


July 

Sept 


..WoW.VJ.ow.Pmw 
50*5. . /.SOLO -603.2 
6Q5.0 

Stt»:V60fc5- . jSCftfl 
Stko: 5144 
EZJ.B- : SZt5-"523.S 

eaon :- • . ----j 527.3 

*30.*, ■: G3SJ3 7512.0^ ,533.) 
MiS f .T«6V . 5S*J» 538.5 

34S-3 SWUr . 'SetS , S45J 
SPBj-. E*0VSS4® 5S3J 


SUGAH WOULD "H ;* 

*1 12.000 . 


July- 
Sapt 
Oct 
Janr 
March 
July 
Sept 
Cfef . - ^ 

CHICAGO 


NEW YORK 


Cathodes 

Cash 

3 months* 


905-7 \ —5.0 • 008 903 
985-7 t — 4.5 926 


* Standard. 

Official closing (am): Cash 910-2 
(976-8j . three months 52S-B (928-30). 
settlement 912 (SIB). 

Turnover 20.550 tonnes. US Producer 
prices 66-77 cents per lb. 


t Unquoted. 1 Per 75-lb flask, 
c Cents per pound, w June, x May- 
Jime. z July, u June-July. * Cotton 
Outlook. 


COCOA 


LEAD 


Unofficial + or 

Cash clone in-m.i — , High: low 

S months c per tonne 


843 5 
847-6 


— Z.5 £42.6 ‘342 

— 1.75 £49 247 


The early gains were maintained 
throughout a day of light volume of 
trade and Uhi final call was at tbe 
hi-;hs. Physical interest wee rained, 
consumers once agein withdrawn and 
producers making limited scale-up 
sales, reports Gill and Outfits. 

Seles: 2.501 (2.BS9) lots of 10 

tonnes. 

ICCO indicator prices (US cents 
per pound). Daily price for May 15; 
85.64 (85.48); five-day avenge for 
May 1G: 86.55 (86.36). - 


Official closing (am): Cosh 242-3 
(245 5-6). three months 247-7 5 (249.5- 
50 5). settlement 243 (2*6). Final Kerb 
close: 268-9. 

Turnover- 10.450 tonnes. US Spot: 
19-20 cents per lb. 


COCOA 


Yesterday’s 

Close .-4* or Business 
; Done 


£ per tonne 


NICKEL 


Unofficial -f- or 
cJosflip.m.1 — 

£ per tonne 


May 1870-1876 +10.B. 127&-I2S8 

Jury 1290 1891 *-19.5 1292 1976 

Sept. - 1814-1315 *28.0 JS1B-U97 

Dec. 1349-1351 *205 1351-1330 

March 13601588 +20.5. 1883- «6B 

May : 1594-1408 +19.5 1 189 MISS 

July - 1412-1419 > lS.O! 1411-1406 


Highi low 


COFFEE 


Cash 
3 months 


2660-70 
2799-50 . 


17.5 - 

17 2730/7708 


Official Closing (am): Cash 2650-5 
(2645-52). three months 27146 
(2713-5). settlement 2655 (2695). Final 
Kerb close: 2730-35. 


The market wae on the defensive in 
early trading as profit-taking set in, 
re porta Drenel Burnham Lambert. Trade 
and commission house sailing con- 
tinued into the afternoon but prices 
later consolidated. 


Turnover: 1.194 tonnes. 


COFFEE 


Yesterday, + or . 
. Close 1 — 


Business 

Done 


TIN 


KUALA LUMPUR TIN MARKET: Close 
14.09 (14.10) r.nggit per kg. Down 
0.01 ringgit per kg. 


ZINC 


May 1986-1980 -m f 1975-1852 

July -20O3 E0Q7 — 21.5 ' 2025-1974 

Sept. 8050-2051 —19.5 1 1085-2020 

NOV..—.— 8096 BIN— 18.6 ‘21)5-2876 

Jan - E15D 2I40.-M.0 , 2160 21)0 

Mar. ...„_..2 160-21 E5 —27 J I 2T70-2140 
May- '2170-2100 -S6.0 — 


ALUMINIUM 40.000 lb, cente/tb 


May 

June 

July 

Sept . 

Dec 

Jao 

March 


July 

Sept 


Close 

E4X5 

54.36 

54.40 

54.40 

54.00 

54,66 

54.70 

64X0 

54.85 

54.80 


High 


Lew 


6480 

54.75- 


Prw 
56.05 

- ■■- — • 55.ro 

54.2S 56.10 

54.15 -55.06 
’ — 56 JS 

— 55-30 


LIVE CATTLE «,OOQ to. csnts/lfa.. , 

- _ Ctoss - r-Hlgh -.- Iow Piev 

Apftt . 5M7 .S6.7S SBJ» _56.72 
Amir 57^5 .-55,82 - 57.70- 68X6- 
Auptttt .54.75 35J0-. 64 jB7 -55JS 

■OttV* ;-B»v SMB S3 .61 ,-»• 
Detf 53.07 3S&. 65.05 *.75 

^ • 1 55:45 S5J0- i 58.17 tSS^O 


LIVE HOGS 30.000 Ib^onts/lb 


SB: 45 
S5J» 
*56 


COCOA 10 tonnes. */tennaa 


High 

grade 

Unofficial + or 


cloMip.m.' — 

£ per tonne 

JHigh /low 

Cash 

: 455.5-7 -.85 

456 

3 months 

• 467.S8 -*-,85 

1469.467 


Sales: 3.876 (7,208) lots of 5 tonnes. 
ICO indicator prices (US cents per 
pound) for May 14: Comp, daily 1979 
178 95 (175.49); 15-day average 188.51 
(169.57). 


SOYABEAN MEAL 


Official closing (am): Cash 456-6.5 
(4S4.5-5J. three months 467-6 (456-7). 
settlement 466.5 (455). Final Karb 
close: 468-9. 


Latest 

close 


+ OF Business 
— - 1 Done 


Turnover 7.950 tonnes. US Prime 
Western: 33.50-35.75 cents per lb. 


GOLD 


June..._ 
August _ 
October. 
Deo. 


Gold leil just S’ 2 an ounce from 
Wednesday's close rn the London 
bullion market yesterday to tlmsh at 
S343-342 1 ». The metal opened at 
S341V342 which proved to be the 
day's low and touched a high of 
S342V343V However trading wee 
rather quiet and restricted to a narrow 
range in the absence of any freeh 
news. 


I * 

oer tonne, 1 
. 120.9- 127 J 1 + O.B611 87.0-129.7 
J124J2-I24.5 ;+ 0.99 124.0-123.6 
!125.2- 125.5 ’+0.65(124.7 
.127.0-127.5 +O^o! — 

1 125.5-130.8 +0J». 


Feb. 

Apr. ^__l 150.0- 131.9 '+0.181 — 
June 130.6-138.8 i+4.BBj — 


Sales: 95 (84) lots of 20 tonnes. 


GRAINS 


WHEAT 


BARLEY 


GOLD BULLION tfins ounce) May 15 


„ |Yestord«y . 4- or Yoeterdayi + or 
Mnth ! dose I — j close 1 — 



Close 

. High 

Low 

Prav 


1711 

1675 

-1670 

- 1696 

July 

1766 

1770 

-1750 

1740 


1824 

1825 

1814 

1803 

Dec 

1880 

1883 

1868 

1858 


1923 

1925 

1920 

1900 

May 

1953 

— 

— 

1925 


1960 

1970 

1870 

1950 

Sept 

2000 

■ — 

_/ T“_ 

1975 

COFFEE 

"'C*’ 37.600 lb. eenta/lto 



Dose 

High 

Low 

Pm 


22DJ00 

220.00 

Z1B.25- 

218.40 

July 

22087 

2Z2J00 

237 AO 

220.04 

Sept 

22S-48 

225.70 

221 .50 

224.13 

Dec 

230.04 

230.25 

225 -BO 


March 

3&-.S5 

Z30.SO 

227 SO 

230.00 

May 

239.68 

233.00 

230.50 

234.00 

July 

23538 

232.85 

232 SG 

Z3&JS 

Sept 

Z3SJ8 

— 

■ . — 

235.75 

COPPER 26,000 lb. cente/tb • 


CIOM 

Wflh 

Low 

Prav 


K7 OK 

63.15. 

6ZJB 

62^6 

June 

63.10 

m— 



63.10 

July 

63.35 

-63.65 

63.15 

6X35 


63.70 

03.85 

63.GB 

63.70 

Dec 

64.15 

64J0 

63.95 

.64.15 

Jan • 

64 26 

— 

. 

64.25 

March 

64 60 

64.60 

64.40 

64.50 

May 

64.75 

— 

— 

64.75 


66.06 

• • -e* 

— 

66.06 

Sept 

66.30 

— ■ 

— 

65 JO 

COTTON- 60,000 Jb,. ceots/R) _ 


Close 

High 

Low • 

Prav 


66.87 

67 i2 

66.32- 

87-27 

July 

66.67 

87.22 

66.32 

67-27. 

Oct 

38.70 

38.85 

36.55 

3X89 

Dec 

38.75 

38.92 

36.66 

38.38 

March 

37.76 

37.90 

37 M 

37.97 

May 

38.SE 

38.70 

38.50 

38.70 

July 

39-22 

39.25 

30/25 

39.40 

Oct 

40.17 

40 JO 

40.15 

40X0 


-Joty- 
August 
Oct - 
Dee v, 
Fbb 
-April - 
Jons - 
July" 


Close. , Wsh-. 

-48JH : 
«TJ 7 48.25 

46.0Z 46.09 ■ 

4160 4E06 

42J0 ' 4232. . 
4235 4CL8S 
38.95 38J»- 

4138# 41.20 

41-35 4TA0 . 


Rnv 


Low 
47X0 
47.10 JS 
44J5 4&JS 
: 4T J7 r '’ CL 95 
<2.25 - 42.75 
4225 42.70 

38-80 1 39.37 
40.96 -CLD7 
41J77 4122 


MAIZE 5.000 bu mfn.' 
cents/56-tb bushel . - 


July 
iSept 
Deo ' 


Ootte- 

2540' 

237.6 

3WBO 

201.4 


High-- 
256.4 - 
242.0 

mo- 

2051. 


M*y 

July 


21121 21474 

216.0 219.2 

216.0 219.6 


Low Jhev 
251-Z .- 2BX0 
DM 2404) 

-208 Jf 2131 

200.4 204.4 

219.9 .213.4 
2)5.0 218.6 
21AO 219.0 


-PORK'. BBJJES 38.000 Jb7 cwnSa/tb 


M*T 

July 
August 
Feb 
- March 
Way. 


Close - 

64 95 

65. U 

62.30 

5940 

58.60 

61.40 


High 
6 SjW 
- 66.00 
CZ05 
6035 
S3J50 


Low ' Prow 
6445 65.72 

64.50 6S.8S 

.91.80. 8297 
£9 .35 r- 6038 ' 
58.80 . 96.60 
' — .B1AO 


SOVABEAMS 

SJKP trail odn, esrits/eb ,1b. huiehil 
. • ^ Close- . (flyb '. bflw ” 

Mey '. . 532-0 541.4 

July 530-4 . 5*1.6 

Aug ' 52*. 6 639.0 

Sept 521.4 - 5322 

Nov 520.4 531.0 

Jan . 529-0 540-9 

March ' 580.0 549.0 

May 944.4 554,0 

•July • 4H7J) - SW..&; 


531-4 - 
1328-4 

528.4 

520.4 

518.4 

528.0 

637.4 
542-4 

546.0 


•Prev 
540 J) 
53972. 
$382 

531.0 

530.0 

539.4 

543.4 
652.6 

.556.0 


87.27 SOYABEAN NffAL 100 tons. S/ton 


CRUDE OIL (LIGHT) 

42.000 US gal lens, S/bamria 


May 

July 

Aug 

Sept 

Oct 

Dec 

Jan 



Latest 

High 

Low 

Prav 


15.70 

15.70 

16X8 

15.51 


15.14 

15.15 

14.80 

14^3 


14.74 

14.74 

1440 

14.56 

Sept 

14.50 

14.45 

1420 

1438 

Oct 

14.27 

14.30 

14 20 

1435 

Nov 

14.17 

14.26 

14.15 

14-17 


14.20 

1425 

14.10 

14.10 


14.10 

14.06 

14.00 

13.99 

Feb 

13.95 

14.10 

13.93 

13.88 

March 

13.80 

14.00 

13.95 

1330 

GOLD 100 troy og, 9/ troy oz 


Close 

High 

Low 

Prev 

May 

342-4 

341.2 

3412 

342.1 

Juno 

343.4 

343.5 

342.5 

343.1 

July 

345.0 

— 


344^4 

August 

346.6 

348.7 

345.5 

3463 

Oct 

349.fi 

343-8 

3435 

349.4 

Dec 

353.1 

353.5 

352.0 

362-7 

Feb 

366.8 

— 


3$(L4 

April 

340.2 

— 

— 

369.7 

Juno 

363-3 

383.8 

363.8 

383.3 

August 

367 a 

— 

— 

387.2 

Oct 

371 S 

■— 

— 

371.0 

Dec 

375.0 

376.1 

376.1 

375.0 

Feb 

380-3 

380.0 

377.0 

378 J 


May 


Ckisa 

1489 

151.8 

1519 

151.0 
151 J) 
152.7 

153.1 
165.0 
J61J 


High 

152J 

15 5.2 

155.6 

1553 

166.0 

157.0'. 

150.0 

1573 


LOW 

148^ 

1519 

161.0 

151.0 
160.5 ■ 
1513 ' 

163.0 

155.0 


152.1 

154.8 

154.9 
154.7 

154.7 
.158.2 

157.0 

198.0 

182.7 


SOYABEAN OIL 80000 lb. cwrtS/tb 


May 

Jtdy 

August 

Sept • 

Oct 

Doc 

Jan 

March 

May 


Close 
.17.42 
17.73 
1739 
1731 
1735 
18.26 
1830 
18.60 
W 30 


High 

18.08 

1835 
18.49 

1836 
18.45. 
18.75 


Low 

17.42 

17.88 

17.83 

17.90 

1735 

18.10 


18.73 

18.95 


18.80 

18.80 


Puw 

17.78 

18.04 

18.18 

1832 

1837 

19.52 

18.52 
1835 
18.15 


WHEAT 5,000 bu min, 
cants ^GtWb busbsl 


May 

July 

S»pt 

Dm 

March 

May 


Date 

333.8 

270.0 
Z72.0 

281.0 
281.0 
Z7Z.0 


285.0 
286.4 
2843 

294.0 

283.0 


Low 

332.0 

268.4 
Z70.4 

278.4 

279.4 

271.0 


396.0 
2833 
284.6 
Z93.0 

253.0 


SPOT PRICES— Chicago loose lard 
11.00 (seme) cants per pound. Handy 
end Herman silver bullion 5033 
(510.0) cents per troy ounce. 


Close 9343 M8>a 

Opening.. *34112 348 
M'nl'g Tlx. >342.50 
Affn'n fix 0343.00 


£882 i 4 -2&a*«) 
(£88114 22144) 
(£888.330) 
(£228.049) 


OIL 


FREIGHT FUTURES 


GOLD AND PLATINUM COINS 


May ..I 
July.. 
Sept.., 
Nov- I 
Jan .. | 
Mar...: 


117.16 

X1B.35 

99.90 

109.BG 

lOB.fiS 

106.40 


( — 7.90 115.90 1-6.76 
- 7 .«: 1 


1-8.45. 

— 5.M. 
1-838- 


98.60 —830 
101.60 1—1.66 
104.78 1 — 


Kr‘g'r'nd.93434) 344 14 
>t Krug. BIBO 181 
’« Krug. SflUs-gaig 
1/19 Krug. >37 3B 
Mapleleaf 8353 353i s 
angel ISbUi-SSSig 
bill Angel 935i 4 39 U 
New 8ov_ Ml tg 82 U 
Old Sov. >S7l* 89 
B20 Eagle >430-470 
NoblePlat 1488 14 433 


(£834 8241s) 
i£117>4 118) 
(£593*6014 1 
if 84 24 i 4 ) 
i£2 30-330 tgi 
(£899)4 8301a1 
(£83-86 131 
l£D3i4-53ts) 
(£97-68) 
l£880i« 3061s) 
(£879)4 28814) 


SILVER 


Silver was fixed 2.3p an ounce lower 
lor spot delivery in the London bullion 
market yesterday at 328.35p. US cent 
oquwalanis of the filing levels wars: 
Spot 506c. down 2.36c; three-month 
614.45c. down 2.55c; mn-montt? 522.79c, 
dawn 2 35c: and 12-month 540.05c. 
down 2 55c. The metal opened at 
32SV-328*«p (604 -506c) end closed at 
326V328P (502 604c). 


SILVER I Bullion 1+ or] L.M.E. 

per | Fixing j — p.m. 
troy oz 1 Pries , 1 Unofflc’l 


i+W 


Old crap whoer eased on raiender 
praeeure but barley firmed on Innge 
Shipper support. New crape found 
trade and speculative buying against 
country hedge tailing, reports T. G. 
Roddick. 

TABLE table table tablet able table — 

LONDON GRAINS— Wheat US dark 
northern spring No. 1 15 per cent 
June 120.50. July 117.50. Aug 105.00 
transshipment East Coe9C US No. 2 
salt rad winter July 96.76, Aug 97.60: 
EEC May 134.00: English feed lob May 
119.00-120.30. June 121.00-121.75. Oct- 
Dec 106.50-106.50. Jan-Merch 110.50- 
111.50 buyer-aellar. Maize: US No. 3 
yoflow/Froncfi transshipment East Coeet 
May 140.50. Barley: English lead fob 
May 121 00 aedar. Oct-Dac 106.50- 
106.50. Jen-Mereh 110.50-111.90 buyer/ 
sellar. 

HGCA — Locational ax-faim prices. 
Feed barley: S. East 114.40. S. West 
114.90. W. Mids. 113 JO. N. West 
114 JO. The UK monetary coefficient 
tor the week beginning Monday May 19 
will ba unchanged. 


May Brent sold at S14.68 and Ninien 
at 914.46. Trade in 15-day Brent wee 
very thin. Nyman WT1 for June 
openad Be dawn and traded 7c up 
at 1.15 pm EOT after trading within 
a narrow range. In the petroleum 
products market gasoline and naphtha 
prices rose on tight availabilities. Gas 
oil pricea ended lower In tfiln trade. 
Heavy fuel was quiet — Petroleum 
Argus. London. 


A lack of confirmation of recent 
rumoured physical business led to dry 
cargo futures easing.. Despite the 
slightly lower lava Is. underlying senti- 
ment remained steady. Tanks/ futures 
made further gains agsinat a back- 
ground of further fixtures In the prims 
loading areas and a lock of aoltara. 
reports Clarkson Wolfe. 


i/' 




I Close 1 High (Low | prav. 


I Latest 


I Oh an go 
.+ or — 


CRUDE OIL— FOB (I per barrel)— June 
Arab Light — — ■ — 

Arab Heavy — 1 — 

Dubai 


Brent Blend -j 

W.T-I. flpm e*M 

Forcadoe (Nigeria) 
Ural! (CfTNWE) : 


TIJ5-ll.es 1+0.179 
14.15-14.3& +0.10 
15. 45-15. GE 1—0.35 


Dry Cargo 

606)680 1 709/694 , 699/700 
781)788 , 792/776 , 785/787 
; 799/802 , BOS 1 800 1 790/805 
840/850 ! 842/835 I B30/&40 
— j 745/775 

836 B10/840 

790*70 : — 800/656 

B 50 1 900 — I BOO 

&&9.Q : — ? 661,0 

Turnover. "iQB (3537- 8 " “ * 


July 

Oot 

Jan. 

April 

July 

Oot. 

Jan. 

Apr. 

BFL 


, 790.800 
820)060 


PRODUCTS— North West Europe 
Prompt delivery elf (3 per tonne) 


I Pose 1 High /Low 1 Prav. 


Premium gaseSne... 
Gaa Oil- • 

800-204 

134-137 

i+8.5 

Heavy fuel oil i 

Naphtha-. 

58-55 

140-143 

>+3 


Tankers 
1OOO/10S6 : 10X0/990 j 930*60 
oan.aco 950 920/950 


P i wbae Aignre eathmnas 

GAS OIL FUTURES 


May 
Juno I 940)960 
July 9650000 
Sep lOBOilOoOi 
Deo 1050)1095 
Ma r 1050/1100- 
BT1 - 1012 


SUGAR 


Montit 


Latest' 

Close 


, + °r 


Business 

Done 


Turnover 34 (62). 

RUBBER 


940/970 

11030/1040 

'1080/1080 

1026/10M 

967.5 


_ , ... 32B.5p 

3 month B.'336.40p |-S.45| 334.25p -4.SS 
6 months. 343.S6p 1-3.40' — — 

12 monthi!S5S.75p '-3.40: — I — 


— — No. 6 Yesterday Previous I Business 

— — Con- close I dose done 


> US i 
.per tonne ! 


London market 
found vary IlnJe 


LME— Turn □ vo r: 39 lota of 10.000 oz. 
Three month a high/low 334.5p, final 
kerb 334-Op. 


8 per tonne F.Q.B. 

Aug. 1 17M-I74AI ftU-ITB.Z 179.4 17fiIo 


MEAT 


iao-o-inj! in.e-iMli! init-iTii 


Pig meet prices rail led strongly on 
fraih iradc and speculative buying 
caused again by stronger physicals, 
repot is Eastern Capital CCST. 


Dee I 185. 6-184.8 111.4-185.6, - 

Mar i 186.8-119.8 IMA-188.9' IB3L8-1N.8 



136.50 ( -2.00- T5B.7S-d6.&0 
134.85 1-8.76 I57.7B S4.08 

134.60 ; -8 .60^ 1 58.00-34 .SO 

155.50 . - 3.00' I28X5-S5.90 

136.60 i-9.7Sll38.nM8 JO 

138.26 | -1,76 1 - 

141.00 I - • - 


May. . 192.4-f82.nl Ta0.4-19ILff 194.4 TS2.D 

Aug MKLB- 187.8} 184.0- 1 98 J) 

Oot I2MJI01C 197.4-M 1.9 


Turnover 

tonnes. 


1.508 (2.966) IQU of 100 


PIGMEAT 

Month 

Y'daya - + or 
close ■ — 

[BEEF 

Y'dasre I + or 
close 1 — 

May.. .| 

_ 

__ 1 _ 

June 

103.001-0,60 

194.001 - 

July 

102.00 +0.50 

168^0+0.80 

tag 

102.00: + 0.30 

185.50 +1.60 

Sep 

107.60j-0.30 

184.10 +0,80 


Plqmeat sales: 28 (42) lots of 50 
carcases. 3.250 kg. 

Boot sales: 4 (15) lots of 29 sides. 
MEAT COMMISSION— Average lot- 
mock prices at re presents live markets. 
GB— Cattle 1K3.34p per kg Iw (-4-2.50). 
GB— Sheep 267.44p per kg Mt dew 
(-1.76). GB— Pigs 79.69p por hg Iw 
(+2.32). 


PARIS— (FFr per tonne): Aug 1454- 
14S6. Oct 1466-1495. Dec 1505-1520. 
March 1536-1545. May 1560-1690, Aug 

iea-ie*s. 

LONDON DAILY PRICE— flaw au ger 
$187.50 (£122.00), down $7.50 (down 
£5.00) a tonn e jor June -July, delivery. 
White sugar $203.50. down $5.00. 

Sales: 5,217 (5,297) lots ol 50 
tonnes. 

Tata A Lyls delivery price for grau- 
|p|«d bene auger was £226.00 
(£231.50) a tonne for export. 

Into motion el Sugar Agreement— (US 
cents per pound fob and etowod 
Caribbean porta). Priees lor May 14: 
Daily price 7J9 (B.07): 15-dey average 
8.30 (B.32). 

No. 8 cif contract — Auguit 187.0-33.0: 
Oct. 190.0-8.0. Sales; 1 lot of 50 
tonnes. 


POTATOES 


PHYSICALS— The 

aponed unchanged, 

.ntoroai threughout the day and closed 
neglected, m ports Lewis end PseV 
tlVTJl. p, . lc * 3 Spot S6.00P 

rr: 30 ^ f 53 7?. pJ - Th# Kuela Lumpur 
fob price (Malaysian cents per Jtg): 

S>“ & nraV” 5 <, *° 1 r" 

i..^ J I URES ^i. nd “ O 32 - June EB8-S34, 
July-Sepi 529-534. Oct-Dec 533-537, 
April-June 557-660. 
July- Sept 560-566. Sales: 37. 


The market opened steady, encour- 
aged by overnight ram. 8ut the rise, 
which wss fuelled by step-loss buying, 
was not sustained, reports Coley and 
Harper. 


Month ' 

dose 

don* ! pone 


£ per tonne 

NOv 

BS. 00 

80.00 ; W.OO-8MO 

Feb 

97.00 

97.00 — 

Apr 

116.00 

115.70 i11B.S0-ll&.4a 

May — 

126.30 

126.80 ! 137.00 

Nov .... 

87.80 

— 1 — 

Sale*: 

507 lou 

of 40 aannae- 


Ee riios— July 106.50. +3.50: Aug 

85.00. +5.00: Sepr suspended. Sales: 
0 lota ol 10 conne«. 


Poultry company 

to add 250 jobs 

ONE OF Hereford's biggest 
employers is to take on 250 
jote within the next few 
months. 

Sun Valley Poultry, which 
employs 2,600, needs the 
ertra staff for a £U m 
extension. 

The company says more 
Jons could arise from further 
expansion of Its pool try %ased 
convenience and health food 
business. 


Close 

m k 

.Prav 



-TXL-L-7.B3-: 

i'7J3“ : 

' y" 

- .7^2. 

l95r ■■■:■ 7Xf 

7M 

' ^ . 

: / .8L06- •' 

fLZS r*. 734 T 

ft.00 

•u* 

•• Biao'- 

8.40 v '«,10 ^ 

•8.12 

. mm 

‘ S42 ;r 

tt57.-:'H«X;:..- 

8.36 

‘ ■ 

^ /: 

r7JB--..U.iKr-i 

.SJB- 




B.80 



’<L95^'---;8^ V '. 

Bj59 r 

'■ • ^ 



r* 


-y 

-. — 




r r™ 


-m :» • • 

. , r. a 


■-'K: 
















16 



ant 

suss S* «5 

h ^«&< 
F i,"? «t 

Vj i ^si 

■CT!? *3fc > 

£ v^i 


a «b T - r? ^k 
^■aaed J 


.-..^■acei > e 

!.n 

— * ai^i T* ' 


•.A V. * , f' ,u 01 fe, 

=£*S. 

f*^ 


~1'^- 


I r ■ - i'Tfit „ 

.:r * V s*a7 


1?ZZ ■ 




" ■ >:.•?:» :-, 


'AN 






Financial Times Friday May 16 1986 

CURRENCIES, MONEY and CAPITAL MARKETS 


35 


foreign exchanges 


DoBar up despite uncertainty 


i™ 1 ? doHar was firmer but 
{2SJ£* within its 

yesterday « 

10 dl8est recent 
ComjBeDls raade by 

West German, US and 
Japanese officials. The current 
m«>d was captured by Karl Quo 
rOehl, Bundesbank president. 
^ n J e radicated that although 
Jeadin« nations were united on 
co-ordinated action to influence 

Mies, there was sLill a 
considerable difference of 
opinion as to where the value 
of each currency should He. 

The Bank of Japan opened 
yesterday s chess game by spend* 
im up to £500m supporting the 
US dollar and although the 
effect was limited in Tokyo, the 
dollar recovered no finish largely 
u nchan ged in To nd on. a surprise 
0-2 per cent rise in US industrial 
output was noted but not acted 
upon since the market seems to 
require a strong incentive to 
break out of recent trading 
ranges. 

However, the continued 
rtetoric cannot ultimately detract 
from the fundamentals govern- 
ing the dollar’s performance and 
unless there is some progress 
towards reducing the US budget 
deficit then the dollar's outlook 
can only remain bleak. 

Despite the longer tenn 
implications, the dollar finished 
at its best level of the day. 
closing at DM 2.1385 up from 
DM 2.1850 and Y163.GO compared 
with Y163.35. Elsewhere it rose 
to SFr 1-8280 from SFr 1.8175 
and FFr 7.01 from PFr 6.9675. 
On Bank of England figures, the 
dollar’s exchange rate index fell 
to 113.6 from 113.7. 


£ IN NEW YORK 


May Ul. 


Usest I Prev, close 


£ Spot jSl.UM-OSTO I1.KM-840O 


I month UJ.44-0.48pm tt.44-0.45pm 
Smooth! it J>S.l.X80m tl. 22- 1. 10pm 
la mo nt hs i3.fl5-5.00pm i?J5-g.Blpm 
Forward Bninluni end 
#PP)y w the u.fi. dollar. 


discounts 


The Australian dollar showed 
some consolidation after Wed- 
nesday’s sharp fall, with the US 
dollar closing at A$1 .30575 com- 
pared with AST. 4055. 


STEELING — Trading range 
against the dollar in 1986 fa 
L5555 to 1.3770. April average 
2.4988. Exchange rate index rose 
to 76.1 from 76.0 on Wednesday, 
The six months ago figure was 
7*5. 

Sterling was slightly firmer 
overall and seemed little 
affected by « fall in manufactur- 
ing output and industrial output 
of 0.1 per cent. The pound 
closed at $15350 from $1.5395 
but rose against the D-mark to 
DM 3.3750 from DM 3.3650 and 
SFr 2.8050 from SFr 2.7975. It 
was also higher against the 
French franc at FFr 10.76 from 
FFr 10.7275 but eased against 
the yen to Y251.25 from 
Y251.50. 


D-MARK — Trading range 
against the dollar in 1986 is 
2.4710 to 2.1640. April average 
2.2723. Exchange rate Index 
1355 against 1275 six months 
ago. 

The D-mark appeared to 
suffer in Frankfurt yesterday, 
following comments by Bundes- 


bank president, Karl Otto Poehl. 
which were understood to Imply 
a dollar floor of DM 2.15, How- 
ever the market has been fairly 
free with its interpretations 
just recently and there is little 
to suggest that the current feel- 
ing of depression surrounding 
the state of the US economy la 
likely to change. But the dollar 
rose to DM 2.19 at the close, 
about a pfennig above the day's 
low but still down from Wednes- 
day’s Close of DM 2.1930. Earlier 
in the day the dollar had been 
fixed at DM 2.1397, compared 
with DM 2.1933 previously. 

Elsewhere the French franc 
slipped below its upper inter- 
vention level against the 
D-mark, following a cut in 
French interest rates. It was 
still firmly placed at the top of 
the EUS however. 

JAPANESE YEN — Trading 
range against the dollar in 1986 
Is 202.70 to 161.05. April average 
175.05. Exchange rate index 
2085 against 178.7 six months 
ago. 

Renewed intervention by the 
Bank of Japan failed to bait a 
further rise by the yen against 
the dollar in Tokyo yesterday. 
The central bank was believed 
to have bought up to 5500m. but 
this did not alter market senti- 
ment which sUU dictated a 
bearish outlook for the dollar. 
Various officials made further 
statements which were not 
always obvious In their mean- 
ing but the market took the 
view that there was still room 
for a dollar decline. The US 
unit closed at Y162.70 compared 
with Y163.30 in New York and 
Y164.00 in Tokyo on Wednes- 
day. 


POUND SPOT— FORWARD AGAINST POUND 


CURRENCY MOVEMENTS 


May 15 


Day's 

spread 


Close 


One month 


% 

P-»- 


Three 

month! 


% 

P-e- 


Nny IS 


U8 

Canedi 

Nethlnd. 

Belgium 

Denmark 

I inland 

W. Gar. 

Portugal 

Spain 

Italy 

Norway 

Franco 

Sweden 

Japan 

Austria. 

Switz. 


1.5335-1-6430 1.5346-19355 0.45-0.426 pm 
2.1070-2.1218 2.1110-2.114 0 O-65-OJOe pm 
3.79-3.81 340-391 0.17-020c die 

68.83-8807 68.70-68-80 0.140.13c pm 

12.42V12.47t. 12w44V12A5b 3-5c die 
1.1040-1.1120 1.1085-1.1095 por-iOro die 
3.37-3-38 0.47-4L44pf pa 

223.12-22834 KJO-ZSOc dte 
213-60-213-99 60-75C die 
23124-23134 SV«V the <U« 

11 .«Pf1 1.4Tb 4-4Vore die 

10.75V10.76b 0.10-0 l25c dig 

10444-10.884 10JSVW-86b ZV3bwv dts 
2604-252 280V 251% ’ DJS-A30ypm 

23-5*23.74 23-58-23-63 3-2gropm 

2.794-2-81 2-80-2-81 0.44-0-3Sc pm 

Belgian rate la for convertible francs. Financial mi nc 88 -25 -G8 
Six-month forward dollar 2-20-2.1BC pm. 12- month 3 03-3. 48c pm 


3364-3.38 
223.12-227 AS 
213.61-214 A3 
23074-23174 
11.464-11-62 
10.73-10. 7Gb 


3.40 1.23-1 -19pm 
3.67 f^RMJ.SOptn 
-131 0-57-0 AZdle 
0.71 0.7O-O.66pm 
-1.07 »-13di> 

-027 Vlbdia 
2-49 12B-124pm 
-1421 3QO-7DOdia - 
—5.83 166-195dfe 
-429 TS-UMHa 
-8.73 114-12 I4*e 
-0.30 O-25-O.SOdta 
— 5.10 BV7bdi* 

229 0.98-0.91 pm 
125 84pm 
2.74 128-1.1Bpm 


3.18 

3.17 
1.73 
1A9 
029 
0.48 
221 

13-83 

8.18 
4A6 
6.43 
0.24 
327 
229 
122 
2.71 


storting. 

U4 dollar. — | 

Canadian dollar.. 


Belgian franou 1 


_ lah Krone — 
Dauteohe mark — ■ 

Swfea frano- 

Guilder — —— . 

French franc — 

Lire- 1 

Yen- - 


Bonk of 

rm\ 

England 


Index 

Changes 

76.1 

-15^ 

113.6 

+4 JO 

78.7 

-11.7 

186.4 

+ 7J 

95.6 

-7.2 

B6.S 

— O.B 

135.2 

+ 14.6 

158. Z 

+ 15.1 

126.1 

+ 9.2 

69.2 

—13.4 

46.5 

-17.8 

808.B 

+ 53.6 


DOLLAR SPOT — FORWARD AGAINST DOLLAR 


Morgan Guaranty 
1980-1982-100. Bonk of England Index 
(bane overage 1975—100)- 

CURRENCY RATES 


May 15 


Day*. 

spread 


dose 


One month 


UKt 
I re I and t 
Canada 
Nethlnd. 

Belgium 

Denmark 
W. Ger. 
Portugal 
Spain 
luty 
Norway 
France 
.Sweden . 
-Japan 
Austria . 
Switz. 


0.45-0. 42c pm 
028-0.270 pm 
1 Vibe pm 

ia-iicp» 
3V2 Vm*|n» 
0.0&P pm-Q.Q5dtS 
Ib-lbpfpm 
90228c dta 
25-6Se die 
2-4 lire die 

. .Z4-34onMfis 

625V7.01b 74)04-7.014 3-ftc pm 

7A3-7.07b 797VWA VI boro dis 
1B2-8W83L65 -iraAB-WAS 
152IM5A5 - 15.44-16AS TTV94gren« 
1.81 10-1 2300 -1227W22S3 Vrlbo-pm 


12335-12430 12346-12355 

12820-12958 12825-12835 

12735-12760 12750-12750 

2AS6&-2.4790 2.4780-2.4790 

44-52-44.90 4425-4425 

8A5V8.11b 8.10V8.114 

2.1780-2.1990 2.1960-2-1990 
146*— 147V 14*4-1474 

13825-139 AO 139 20-139 AO 
1446V 1508 1506V 1507b 

7A4V7ATV 7-47-7.474 


% 

P-e. 

3.18 

1.43 

4.1B 

2.15 

2.BS 


% Three 
p.e. months 
3 AO 123-1 .19pm 

1.79 0.82-0.69pa» 

4.15 4-Sbprn 
2 25 41 -33pm 
301 BV 7*PI» 

— 0.05 O.IBdls —0-18 
821 4b-4bpm 8.42 
-11.04 280-BOBdiB -1021 
—2.53 6S-180ifls —229 
-128 4-IOdia 
-329 SVSbdia 
207 8V7bpm 
-121 IVZbtfie 
J 5A9 320 425<fia 
522 31V28bpm 

0.16 4V4bpm 


* UK end Ireland ire quoted in US currency. Forwarf _ premiu ms end 
discounts apply to the US dollar and ntrt lo In^hriJ™* ®“ l 52 , “ v ' 
- Bolgian rate la far convertible francs. Ffaanotal franc 45.104620. 

EXCHANGE CROSS RATES 


-121 

-322 

221 

-023 

-A17 

6.01 

6.61 


May 16 

Bank 

rata 

X 

Special 

Drawing 

Rights 

European 

Currency 

Unit 



-raTTTTn 

li'iLLJ 

us ■ 

6I« 

1.1B072 

0.981679 


8.97 * 

1.54820 

hi 

4 

iiALU 

15,1163 


810 

62.7959 

43.8938 

Danish Kr— 

7 

9.64907 

7.S4932 


at* 

2.68542 

B. 14966 


4*s 

2.91461 

2.42283 


91b 

8.24861 

6.B555B 


13 

N/A 



31g 

191.749 

160.298 

rri 

8 

8.81762 

7.33338 


— 

NJA 

136.439 

r-.vWr.l J 

8 . 

8,38585 

(L95142 


4 . 

2.14832 

1:78922 


2012 

168.131 

134^89 

Irish Purrt-. 


mwm 



“ CS/SDR rats far May 14: 1. 82527 

OTHER CURRENCIES 


May 15 

£ 

• 

1. 1 1.336 
0.661 1 X. 

DM 1 YEN 

_ 1 

3.376 j 261.3 
2.199] 163.6 

FFr. j SFr. 

HFL 

Ura 

Cf 

BFr. 

68.75 

44.80 

10.761 B.OOS 
7.010] 1^28 

3.806 

8.479 

8323. 

1807. 

&ZX5 

1.376 

DM 

YIN 

"o_89«i 0>«5 
5.980 ■ 6.109 

1. 74.44 

13.43 IOOO. 

3J188 

42.85 

0J»1 

11.16 

1.197 

16.14 

685.5 

9806. 

0.686 

8.408 

90JI7 

275.6 

FFr. 

SFr. 


10. 

2.607 

1. 

3.636 

L467 

2160. 

824.5 

1.963 

0.763 

63^9 

24.61 

HFL 

Ura 

0263 0.403. 0.887; 5003 
0.432 1 0^664j 1.469. 108.6 

2.828 

.4.662 

0.757 
US 13 

U 

usee, 

607 A 
1000. 

0.686 

0.S15 

16X17 

29.72 

’ C 9 
BFr. 

Ten pel 



1.801 
6.536 
ilg Fr 

1096. 

3364. 
wr 100 

3.073 

58.54 

100. 


May I6j 


EURO-CURRENCY INTEREST RATES 


Am'tlnaJ 

Aue'alla- 

Braxll 

Finland _f 

Oreeca... 
H’kong ... 
Iran — 
Kuwait... 
Lux’burg 
Malaysia. 
NT land. 
Saudi Sr.| 

Mn'para. 

SAf. iOm) 
8.Af. (FnJ. 
UAE— ■ 


E 30Bl-l.ai06i025000.BB10 

1430-8. 14«5- 1 .3950-1 2888 

81.1B-81.S8 J 18.TI.1B.B4 


l7.65B0-7.8700 

laou. 27213.78 

il2J8B8-18.B481| 

■HlSO.OOHd 


4.086842885 

135.82-138.67 

I7.B100-7.B1 80 

78.20* 


!jo.4446-d.4485KI.MWO-02®860 


68.70-68.80 


44.7544.BG 


5.9706-3 ABOTV 2.68 80-8.8900 

2.7436-8.7636 1.7888-1.7800 

6.6176-6.624815.6600-5.6616 

3.4066-9.4109 821 18-&2 136 

3.32B6'S.SS20i2. 1 600-8.1 848 

5.0890-3266613.31 75-8.4 330 

8.6810-8.868613.8715-3.8746 


■ Soiling rare. 


FINANCIAL FUTURES 


Prices faH 


Interest rate contracts 

weakened on the London Inter* 
national Financial Futures 
Exchange yesterday. US Treasury 
bonds for June delivery opened 
lower at 07-19, and feu to 97-14, 
where a large US commission 
bouse entered the market as a 
buyer. The contract rose to a 
peak of 98-03, in nervous trading, 
lacking new factors. But the buy- 


ing tended to feed on itself, as 
It triggered technical resistance 
points, before news of a rise of 
0.2 in April US industrial pro- 
duction, pushed June bonds 
down, to a low of 87-04. before 
dosing at 97-10, compared with 
98-12 previously. 

June gilts also opened weak 

at 125-10, depressed by lower L'S 

bonds, doubts about the pros- 


pects for lower UK bank base 
rates, and the very large rights 
issue announced by National 
Westminster Bank on Wednes- 
day. 

After touching a peak of 125- 
20 the June contract came under 
steady selling pressure, retreat- 
ing to 124-24. and closing at 124- 
28. against 125-23 on Wednesday. 

Three-month sterling deposit 
futures suffered from similar 
factors, opening at 90.14 for 
June delivery, the high a? the 
day. and finishing slightly off the 
low at 80 .08. compared with 
90.17. Dealers said the contract 
continues to discount a cut in 
bank base rates. 


UFFE LONG LIFE GILT FUTURES OPTIONS 



UFFE US TREASURY BONO FUTURES OPTIONS 


Strifes 

Calls— Last 



Put*— Last 


Strike 


Calls— Last 



Ruts— Lest 


price 

June Sapt Dec 

Mar 

June 

Sept 

Dec 

Mar 

pries 

June 

Sept Dec 

Mar 

June 

Sept 

Dec 

Mar 

116 

8.52 923 — 


0.00 

029 

— 

—w 

32 

6.20 

6.15 — 



0.00 

129 

_ 

*am 

118 

6.52 7.49 — 

— 

0 00 

0.43 

— 

wra, 

94 

3.20 

4.61 — 

— 

0.00 

2*1 

_ 

ras- 

110 

4. 62 a IS — 

— 

0.00 

1.15 

■rara 

rara, 

96 

1.30 

3.54 — 

— » 

0.10 

314 


■rara 

1ZZ 

2.S5 4.55 — 


0 03 

1.55 

— 

— 

SS 

0.30 

2.58 — 

— 

1.00 

4.1S 

_ 


124 

1.14 3.44 — 

— 

0.26 

2-44 



100 

0.01 

2.10 — 

— 

2,46 

524 

— 

-ra 

126 

0.19 2.46 — 

— 

1J1 

3.48 

— 


102 

000 

126 — 


444 

B 60 

— 


128 

0.02 1.60 — 

mmm 

3.14 

4 CO 

— 

— . 

104 

0.00 

1.06 — 

— 

6.44 

6-30 

— 

—ra 

UO 

0.00 1.22 — 


5.12 

62 2 

—a 

ra^ 

106 

000 

0-40 — 

— 

8.44 

10.00 

_ 

-to- 

Estimated volume (oral. Csfle 894. Puts 3B0 






Previous day's open Int. Calls 10.494. Fats 3.S3S 


Previous day’s opan int. Calls 2^439. Puts 1217 


i‘l3il 

III III " 1 






M" ■ i ii hi 

















Strike 

Calls— Last 



Puts— Last 


Strike 


Calls— Last 



Puts— Lest 


pries 

May Asm July 

Sant 

May 

June 

JufV 

Sapt 

prica 

May 

Juris July 

Sapt 

May 

June 

July 

Saw 



23 77 

0.00 

0.00 


021 

ID 

— 

24.BQ — 

24 SO 


0.16 

_ 

0.2S 

i.3S 

10.77 18.77 18.77 

1H.77 

0 00 

0.00 

0.07 

055 

1.35 

19.60 

19.00 — 

19.80 

0 05 

020 



0.50 

1.40 

13.77 13.77 13 77 

13.77 

000 

004 

0-30 

1 24 

1 40 

14.20 

14.50 14.50 

14.50 

0.05 

0*0 

0 40 

120 

1.46 

H. 77 a. 77 BJM 

9.71 

0.00 

0J1 

0.9a 

2.49 

1.45 

920 

9.50 9.70 

HJ.40 

□ 05 

025 

0.90 

2-35 

1.50 

3.77 4.64 5.40 

6.02 

0.02 

129 

2.40 

440 

1.50 

4.20 

5.30 5.90 

7.00 

O.H 

1 25 

220 

4.10 

1.65 

0J0 1.94 2-85 

AS 

1 55 

3.63 

4.85 

702 

1.56 

020 

ZOO 3.20 

4.40 

1.30 

3.60 

4.60 

6.50 

T.flO 

0.00 0.00 130 

238 

625 

725 

830 

10.34 

ISO 

0.10 

0.60 1.60 

2.60 

6.10 

720 

7.90 

920 

Estimated volums total. Calls 170 

Puts IS 



Previous (toy's open Int. Cans 5244. Puts 3251 


Previous day's opsn int. Colls B.9M. Puts 5.360 


Volume, 52 







PHILADELPHIA SE C/S OPTIONS 





LIFFE— EURODOLLAR OPTIONS 





E12.6Q0 (cents per £1} 






Sim points of 100% 






Strike 

Calls— Use 



Puts— Last 


Sinks 


Calls— La at 



Puts— Lest 


price 

May June July 

Sapt 

May 

June 

July 

Sapt 

prtco 

June 

Sapt Dec 

Mar 

June 

Sapt 

Dec 

Mar 

1.30 

Z3.00 23 00 — 

23.60 


— 

— 

0.20 

91.00 

2.04 

Z05 — 


000 

0-01 



1.36 

15.00 18.00 18.60 

10.10 

— 

0.05 

005 

0.40 

91 50 

1 54 

1.56 121 

—a 

0.00 

0.02 

0.07 

— 

1.40 

13-60 13.00 13.60 

13.00 

— 

0.05 

0.20 

1.10 

92 00 

1.04 

1.10 1.09 


OJW 

0.08 

015 

^ra 

1.45 

8.00 a 00 8.00 

9.70 

— 

0.20 

0.75 

1 95 

92 50 

0.55 

0.69 0.72 

— . 

OOI 

0.15 

0.28 

-ra. 

1.50 

3. BO 4.40 5 JO 

0.45 

raw 

1 05 

2.05 

3.60 

93 00 

0.16 

027 0.42 


0.12 

023 

0.48 

__ 

1.E5 

0.10 1.76 2.60 

3.70 

12S 

3.10 

420 

6.10 

93.50 

0.01 

0.1S 0.21 

rara. 

047 

0.61 

0.77 


1.60 

— 0-60 1.15 

— 

15 90 

16.80 

7. BO 

— 

94.00 

0.00 

0.0S 0 08 

— 

0.96 

1.01 

1.14 

— 


Company Notices 


NOTICE OF ADJUSTMENT 
OF CONVERSION PRICE 


SMITH & NEPHEW 

Associated Companies pic 

(incorporated in England with limited liability) 


US$60,000,000 

5J/2 per cent. Convertible Bonds 2000 


Notice is hereby given that as a result of aonefor 
one scrip issue, and pursuant to Condition 4 of the 
Bonds and to Clause 7 of the Trust Deed by which 
the Bonds are constituted, the conversion price 
of the Bonds has been adjusted with effect from 15 th 
May 1986- The adjusted conversion price is Cl .09 
per Ordinary Share. 16 th May 19B6. 


Previous day'! opan im. Calls 1137. Pure 1515 

Previous day*! rations. Calls 51,610. Puts 45.171 


Previous day's open hit. Calls 3.904, Puts 2JB87 
Volume, 105 


CHICAGO 


US TREASURY RONDS (CUT) 

8% 3100,000 32»0s Of 100% 


kMMMM 

■m 

■cma 


MZ3 

June 

97-12 

96-04 

9787 

02-27 

Sept 

96-20 

97-13 

96-f7 

97-03 

Dec 

96-28 

OS-1® 

96-23 

BA-OB 

March 

96-01 

96-13 

9580 

95-14 

Jum 

94-10 

94-29 

94-09 

34-22 

Sept 



— — 

94-00 

Dec 

93-02 

9382 

9380 

93-12 



— 

— 

92-26 

June 

92-00 

02-00 

9280 

92-10 

Dec 


“ 


91-16 

US TREASURY 

BILLS (IMM) 


Sim points of 100% 




Latest 

Wo h 

Low 

Prav 

June 

90.91 

93-94 

9328 

93.96 

Sapt 

94.07 

94.14 

B4.0S 

94.13 

Doc 

94.02 

9488 

94.00 

94.07 

March 

SUZ 

93.91 

80.84 

93-90 


90.81 

93.67 

93.61 

93.67 

Sapt 

9027 

90.44 

9326 

90.44 

Dec 

93.18 

9320 

93.1S 

93-24 

March 

MM 

80.01 

9229 

83.06 


CERT. DEPOSIT fIMM) 
Sim points of 100% 


Latest High 

Low Prav 


— 93.39 

Sept — — 

— 93.40 

Dae — — 

— 8328 

THREE-MONTH EURODOLLAR (IMM) 
Sim points of 100% 



Latest 

Wall 

Low 

Pr»w 

June 

33.02 

83.10 

93.01 

93.09 

Sapt 

93.08 

90.12 

93 JM 

98.10 

Doc 

92.92 

90.00 

92.90 

S228 

March 

92.71 

92.78 

92.69 

92,78 

June 

92 A3 

9220 

92AI 

92.49 

Sept 

92.17 

9223 

92.16 

92.24 

Dec 

9124 

92.00 

91.94 

82.01 

March 

81.70 

91.73 

91.70 

91.79 


STERLING INDEX 


May 15 Previous 


&30 am 76.2 

9.00 am 78.1 

1AM am 

1LQ0 am 752 


Noon 
1-06 pm 

2.00 pm 

3.00 pm 

4.00 pm 


76-2 

7&2 

7&2 

7&2 

76.1 


78L2 

76.2 

76.1 

76.1 

76.2 
76-1 
76.1 
76.0 


7fL0 


MoylO 


sterling 

UA Dollar... 
Con Dollar— 
D Guilder — 
8w. Franc.. - 
Deutaohmrk 
Pr. Franc —■ 
Italian Ure- 


B-Fr/Flnl— ; 
B-FrJCon) - 

Yen. 

D. Krone— 
AalanBtSngli 


Short 

term 


lOEa-ll 
8+t-7rfc 
7E0-S18 
61s JMl 
Hi-® 

7i«-7i# 
ID- 12 


7 Days.. 1 
notice -. Month 


Three 

Months 


lOtt-lWi 

6T|-7 

7ia-Bie 

6U«>B 

SI4-S1V 

436-412 


7 “:T&i 


HU 


lose- 104: 

6»«-7 

SW?!" 
6*5-6 4 

4*e-41* 
4Ja-4 Be 

J& 


8Ts-7 


TTa-Blg 
7J|9 . 
4la-4« 
778-8*6 
7-710 


77 8 -ma 

B4Mt 




7-7l« 



4<a-4i* 
41*-45 b- 
- 7iV7* 

( iiif -ia 


7Ts-8ia 
7 5,-8 U 

7lt-B 

6»-6|| 


BIX 

Months 


a-H-io 

6»»-7 

8H-6M 

aia-BSa 


4^-45a 


-7Ig 
nij-ia 


7&e-7TB 

144 




Year 


6Ta-7 

8+HMi 

8W-S6* 

41e-4ag 


EMS EUROPEAN CURRENCY UNIT RATES 




Currency % change 

Can ■ mount! froni % cm*nge 

c ss‘ 




714 


71* -6 
OTj-7 


Belgian Franc ... 
Danish Krone ... 
German D-mark 
French franc _■ 
Dutch Oulldar ... 
Irish Punt ...... 

Iralian Lin 


aKmre W nutic. 


45.6938 
7.94932 
2.14968 
BA663S 
ZA22S3 
0.707444 
1474 XL 

Changes are far Ecu, therefore positive clangs denotes e 
weak currency. Adjusttneni calculated by Financial Tltnaa^ 


43.8761 

7.91898 

2.13934 

8.96280 

2A0B3S 

0.712956 

1496.21 



MfrEJlSi 







E; j 









vy, , 1 





MONEY MARKETS 

London rates slightly 


firmer 


Interest rates had a slightly fi-dflttm hgk bills itr ^band S 

firmer tone on ^ - Lond °“ ln°flte afternoon another 530 flm 
money market yesterday, as blilg were purchased- outngbt. 
dealers continued to debate the £i 2 m ban* bilbta band 

"I uveiv timing for any reduc- 1 at 10 1 per cect;£280m bank 
most UKciy K»«e rates, him in band 2 at 10 ft per cent; 

— a Ka 1 In Karwi A 


ffifsasw 

. im mi no. cent from 10ft *»« 
The market was un- 

bufSe 

KSa jsci 


£10 to liquidity. 

In Frankfurt caQ money fell 
to 4JS0 per cent from 4-30 per 
cent in comfortable conditions, 
jn spite of Wednesday’s ontfiow 
of DM 4-8bn in money market 
liquidity, throu^i security re- 
purchase agreements. 


UK clearing bank base 
lending rate 161 per cent 
since April 21 


w,, t Tn - nut-uuu a taxe-up 01 

S2& rather e nu»re willing«« draSedfiT-bn. with arise tathe 
to relieve yesterdays note arvuiation absorbing £3Sm. 

** SdteSr balances befcra rtamc 

of tias-t/ytef another £60m. These outwe^ed 

Th„ overnight rate was Exchequer transactions adding 

money- cent for most _ 

around ll«*H 1 ij ,e an j touched a - . 

h£- 2 b?s a» ^T KRATES - 

extent: the money (Umcbtime) . 

early wowj® ’ ^probably en- Priitra raw 84 


bills in Dana 2 *n. xvre. 

and £14m bank bills in band S 

maturing in official hands, pj LONDON INTER BANK FIXING 
repayment of Ute assistance - 

a take-up of Treasury bills 


(11.00 am. May »j 

Three month* US doUare 


St* montha US doUara 


NdOiB 


oner 7 


bkfOts 


Offer 7 


Tha fixing rataa are Hie arithmetic 
■naans, founded to tha nearest one* 
sixteenth, ol the bid and oHared raw* 
lor 610m quoted by tbe market to 


live reference bonks at 11 Ml each 
working dey. The benka are MaUonal 
Weatminsur Benk. Bank of Tokyo. 
Deutsche Bank, Benque Nationale da 
Paris and Morgan Guaranty Trust. 


early nmbably en- Prime rate « 

^Utte 1 w^« ,seUb0]& gu 

of BMla nd forecast Fed fando. at intenrenwm ~ ^ 
^ ney - marker shortage Treasury «Hl* A Bonds ■ 

nrffVided One month .... 

£550m, initial ftwo two month.-... — — J2j 

tance 0t-5!S' IS revised to Three month — J2 

back to as* -==.-«• 

in the aftt«O0D. ymr_ — ” 


LONDON MONEY RATES 


May 16 


«2wn in the aftanw* 3 - two yo*f ™ 7JB 

00 m 4 Q **"* . authorities Three year 7^ 

Before lund} J0» ^ Four year 7^0 

#34Srn bi 113 OBtneni. o? FIvb year — — 77, 

bought "* aB u „ If VrillR in band q^an year Z'Jz 


7.71 

7.73 

7.4B 


v MSTiiilto Five 

fcougj* bank bills in band s^n year 

• way f **?L vlnt- £i85m bank 10 yMr 

U M :*SW **“ — 

unwEY RATES 

■ 1 — — 1 i One 

■ Mav 16 1 nj,j,ioi Mo»tl- . — 1 

ssc===^-sa!j 3J = fsa - = 

Milan “I'"-.".-: uSE.WTBlOia-l 


Intertunk. 

storting cos 

LoeslAuthorltyDepos 
Local Author' y Bonds 
Disoount Mkt Depot. 
Company Dopofc..— 
Finance House Depot 
Treasury Bills (Buyj... 
Bank Bills (Buy)..-— - 
Fine Trade Bills (buy) 

Dollar. CDs..- 

8&B Linked Depot — 
ECU Depot. - 


Treasury Bill (sell): one-month TO. par cane three-month 9* per cent. 
Bank Bills (sell): one-month WV1CP* P« three month BV-9“» par cant. 

Treasury- Bill*: Average tender rate tt discount 9.9773 per cent. ECGD Fiwd 
Finance Sehome IV reference dste April 2 to May 9 (inclusiua) 10.SZ7 per cent. 
Uc*l authority and Finance Houses seven days notice, others seven days 
Hxtd. Finance Houses Base Role II 1 * per eent irem May i I98fl. Bank 
Deposit Raw tor sums ot seven day*’ notica 5*a-8 par cent. Certificates ol 
Tax Deposit! (Serine 0): Deposit £100.000 and over held under one month 
1QU par cenc ona-threa month 1W. per cant; thraa-clx month 10 per cenr, si*, 
nine month# 9* per cenr. nlne-12 months 9k par cent. Under £100.000 V* par 
cent from May 14. Deposits held under Sorias 5 9* per cant. Deposits with, 
drawn lor cash 6 per cent. 


^ . 0. --y. ' rrT 


LONDON 


20- YEAR 12% NOTIONAL GILT 
<30.000 3Znds of 100% 


THREE-MONTH EURODOLLAR 

Jim pomes ot <00% 


June 

Sept 

Dec 

March 


Clean 

124- 26 

125- 00 
124-31 
124-27 


Hmh 

125-20 

125-22 

724-31 

124-27 


Low 

124-24 

124-31 

124-31 

124-27 


Prow 

125-23 

125-28 

12527 

125-23 


Eat. Volume It. 040 (10.968) 

Previous day's opan (m. 13.262 (12.760) 

Baals quote (clean cosh prica of 13% 

Treasury 2004/08 less equivalent prica 

of riser future contract) —4 to 4 
(32nda). 

10% NOTIONAL SHORT GILT 
Cl 00. 000 64th of 1007. 









1 • kl'l 

■ • b« ' m 

■ • A U 


i' T H 

1 - h 1 

rnrM 

I 






1 1 *1- I 

■ ■ 

■ X il 

■ ■, *r r 

■ ■ t.i I 




■ 'IrB 




■ ff-l 

1 ■ *%■- 1 

■ • Jf ■■ 

P'lB. 

H :4' -fl 


1 m 

■ rXr-'l 


Eat. Volume 6.974 (4.1661 

Previo us day's opan int. 21.403 (21.020) 


US TREASURY BONDS 
8% SI 00.000 32nds of 100% 


Low 

102- 59 

103- 10 


Prey 

103-06 

103-20 


Gloss Htah 
June 102-59 103-10 
Sept 103-10 103-10 
EsL Volume 126 (229) 

Previous day's open int 1.459 (1.4B1) 

THREE-MONTH STBIUNG 

£500.000 points of 100V. 



dose 

HMi 

Lews 

Pra« 

June 

97-10 

98-03 

97-04 

98-12 

Sapt 

96-20 

97-09 

8820 

97-22 

Dae 

96-28 

96-28 

96-28 

96-30 


Eat. Volums 7.290 (7.598) 

Previous day's open int. 8.664 (8.433) 


CURRENCY FUTURES 



Ctoaa 

Hiah 

Low 

Prav 

Jtme 

90.08 

90.14 

90.06 

90.17 

Sapt 

90.80 

9027 

90.80 

MM 

Dec 

91.11 

91.15 

61.10 

9123 

March 

91.13 

91.18 

91.13 

9121 

June 

90.97 

91 01 

90,97 

91.16 


POUND— S (FOREIGN EXCHANGE 


Spot 

1 -until. 

3-mth. 

6-mth. 

12-mtii. 

1.5340 

1.5297 

1.5219 

1.5123 

ixaes 


IMM— STERUNG Ss per £ 


Eat. Volume 2. 908 (3.181) 

Previous day's opan int. 18.995 (18.938) 

FT-SE 100 INDEX 
£25 par fall index point 


Close H-oh 
Juno 157.95 180.20 

Sapt 160.20 162.90 

Dm 162.70 162.90 

Eat. Volume 598 (813) 

Previous day's open int. 2J94 (2,205) 


low 

157.00 

180.20 

162.70 


160.75 

162.00 

164.50 



Lata at 

■ ICTY 

Low 

Prav 

June 

1.5336 

1.5370 

1.6320 


Sept 

1-5220 

1.5250 

1-5220 

1i215 

Dae 

1.5120 

1.6170 

1.5120 

15115 



Clone 

High 

Low 

Prev 

Juno 

1.5336 

1.6370 

1533S 

15306 

Sapt 

1.5222 

1.6222 

1.5222 

12193 


Doc 1.5137 1.8137 15137 1J105 
Est. Volume 132 (54) 

Previous day's open int 1.750 (1.800) 


AKA BOGVO COMPANY, LIMITED 
USSHLOMJMM 

T£ per raa.GmnMd Notts doe I9M 


Psreuat to Ac daae 4 of Ibc iawrenatt 
dued37ttAugnx. leSSaitmctoflfa 
Uaowr inw . Nonce uhfichy oAca ftoflow*. 
I. Ou ITUi Moj; I W4 The Bond of DUcttore 
ol AM» Kjccro Coafray. Luwied (The 
CoBpuyj icwobed u make a btr f&MrimtiaB 
gfihaBolbanwitttockM UhhJuly. 

1 986 u the Uwretalden ol icavd at cf3Ut 
May. 1966 to Itpm, at *k rate of l :0 j05 sew 
than lor cadi then: Odd (five etaret for a 
bendred ibarea held). 

1 AeoonfaaJs the fobKritvioo price ewfl be 
•^maed with dtecl iKloac. 19» Japan time. 
The SabKnpooa pnee in etfect Mote ndi 
towiia ta ■ Yea 706.il>. and the rtputed 
mhtcripOaa pnK wdl he Ten 6 73M. 

TK£ TOKA1 BANK LIMITED, 

LONDON BRANCH 
PRINCIPAL FAYING AGENT. 


CORRECTED NOTICE 
COMMUNAUTC UROAJNE 
DC QUEBEC 


CS1S.BOO.OOO l6kH 19S2/19Se 
NOTICE IS HEREBY GIVEN that 
Communaiito Urea Inc dm Qwtwc will 


my on June 30th. 19B6 at 

.SOhfc all — 


>00.50% all tfee afaraiaid Nofee 
outstanding on such date. TM Notes 
will cease re bear Interest from Juno 
SOeh. 1086. The hoi Here ol New 
are tharetore rewiefied to present and 

surrender their Notes accompanied by 

all raUtwd coupons which are due a her 

the redemption date at uie oBn ol 

any ot the paying agents referred re 

on the reverse of the Notes In order 

to be reimbursed of the principal ot 

■ nearest due on June 30th. 1986 
erlll tartbermore be payable upon 

presentation and surrend er of the 

appropriate coupons. 

The Fiscal Agent 
BANQUe NATIONALE DE PARIS 
(LUXEMBOURG) S.A. 


Personal 


# 


YOU CAN HELP OUR 
OPERATION BE A SUCCESS. 
Our Surgical Research Fund relies 
solely on donations from the pubfic. 
Please help us to continue this viial 
wok by sending your donations io: 



Legal Notices 


IN THE MATTER OF 
EUROPEAN BUYING SERVICES 
LIMITED 

AND IN THE MATTER OF 
THE COMPANIES ACT 1985 


NOTICE IS HEREBY GIVEN that the 
creditors ol the above-named Company, 
whilch is being voluntarily wound up. 
are required, on or before tha 18th day 
ol June, 1566 to send In (hair lull 
Christian and surnames, their addresses 
and descriptions, full particulars ot 
their debts or claimi. end the names 
and addresses ol their Solicitors (if 
any) to the undersigned 

IAN DONALD WlUJAMS, 
ol Grant Thornton. Fairfax House, 
Fulwood Place. London WC1V 6DW 
the Liquidator of the said Company, 
and. it ao required by notice in writing 
from the said Liquidator, are, personally 
or by therir Solicitors, to come In and 
prove thair debts or claims at such 
bme and place as a hall be specified in 
such notion, or in default thereof they 
will bg excluded Irom the benefit of any 
distribution made before such debts 
are proved. 

Dated this 2nd dey of May, 1909. 

IAN D. WILLIAMS. Liquidator 


THE JEWELLERS SUPPLY COMPANY 
LIMITED 


NOTICE IS HEREBY GIVEN punuant to 
Section 293 of tha Companies Am. 1948. 
that a Mealing of the creditors of 
Jewellers Supply Company Limited will 
bs hate at 30 Eastbourne Terrace. Lon- 
don W2 0LF on Wednesday the 2Bth 
day ol Stay 1986 at 10.30 o'cioek in 
the mooring, for the purposes provided 
for in Sections 590 and 582. 

Dated (he 8th day of May. 1886. 

WILLEY HERRMAN. Director 


HI B COCK BROS. LIMITED 


NOTICE IS HEHEBY GIVEN pursuant to 
Section 588 of the Companies Act. 
>948. diet a Meeting af the creditors or 
HISCOCK BROTHERS LIMITED wilt be 
held at tha offices of 

LEONARD CURTIS & CO- 
30 Eastbourne Terraos. 

London W2 6LF 

on Thursday tha 29th day of May 1986 
at 12.00 o'clock midday, for the pur- 
poses provided tor in Sections 589 and 
590. 

Dated tha Bth day of May 1986. 

E. B. THOMPSON. Director 


Clubs 


eve has outnw>d the others bream of a 
policy of tslr play and mlue for money. 
Supper from 10430 am. Ditto and top 
mutlclent, glamorous hosmsev. exciting 
door* hows. 149. Regent St.. Wr. 01-734 
0857. 




• VALUE OF 

COUNTRY 

CURRENCY 

DOLLAR 


Over 

night 

7 days 
notice 

Month 

Throe 

Months 

Sht 

Months 

One 

Year 

8-18 

LI 

8-iIi* 

fito-iLto 

104-11 

10-1010 

ioi« 

lOifl 114 

lOfe-iaie 

I0A-10A 

1010 

10*4 

10l| 

104-1030 

104 

fl.7B6.80 

780-74 

104 . 101 * 

10-104 

1 O 4 

104 

i 3 * 

1 O 4 

104 

»4 

97a 

104 

6.754.80 

64-64 

7A-7A 

04-04 

97b 

1D4 

To 

lOrtt 

6.76 6.80 
6A-6A 
74 74 

9464 

94 

10 

9ii 

6.95-7.00 

6,%-6rtr 

74 74 


$ WORLD VALUE OF THE DOLLAR (Q 


BANK OF AMERICA NT&SA, ECONOMICS DEPARTNOIT,LX>riDON 


The table below gives the rates of e x change For the U.5L dollar against 
various currencies as of Wednesday, May 14. 1984. The exchange 
rates listed are middle rates between buying and selling rates as quoted 
between banks, unless otherwise indicated. AH currencies arc quoted 
in foreign currency units per one US. dollar except in certain specified 


areas. All rates quoted are indicative. They are not based on, and are 
not intended to be used as a basis for, particular transactions. 

Bank of America NT A SA does not underlake to trade in all listed 
foreign currencies, and neither Bonk of America NT ft SA nor the 
Financial Times assume responsibility for errors. 


Bank of America, Economic* Dept, EKEA London 
Eurodollar Libor as of May 14 at 11.00 un. 

3 months: 6fi 4 months: 4|{ 


BCU=SUS.9SOSS7 SDR 7 =$1151.14487 

Sibor as of May 14 at 11.00 ajn. 

3 months: 7 4 months! 4|| 


Afghanistan.. 

Albania 

Algeria — — 
Andorra.— - 


Angola — . 

Antigua.. — 
Argentina—- 

Aruba. — 

Australia — 
Austria— 

Azores 

Bahamas—- 
3ahraln, 
Balearic It 
Bangladesh. 
Oorbados. 


Afghani to) 

Lak 

Dinar 
t Fr. Franc 
— 1 Sp. Peseta 

Kwanza 

E. Caribbean 8 

Austral i7i 

..... Florin 

Dollar 

Schilling 

Port. Escudo 

— — Dollar 
. Dinar 


3eiglutn. 

9aJ!2e— 


j Franc (c) (ert 


Banin. 


■ Franc (fi tar) 
, Dollar 
. (XF.A. Franc 


Bermuda. 
Shilton — 


, Dollar 
. Ngultrum 
j P*»o (oi 
• iPaaocO 
, Pula 


50.60 

6.6748 

4.00 
8.9B 

159.20 

29.918 

8.70 

0.8BI 

1.80 

1.4216 

16.436 

146.65 

1.00 
0.3769 

189.20 
30.30 
2.0113 
44.73 
46.06 

2.00 

349.00 

1.00 

12.37 

leooooa. 

Z90QDOO. 

1.7129 


Brazil. 

Brunei. 


Bulgaria. 


Burkina Faso.. 
Burma 


Burundi. 


• Cruzado (o) (3) 
.Dollar 
. Lev 

. C.F.A. Franc 
.Kyat 
, Franc 


Cameroun Rpll— . Franc 

Canada Dollar 

Canary Is — — . gp. Peseta 

Cape Verde Is Escudo 

Cayman Is Do'lor 

Can. Africa Rap— £■£■*■ Franc 

Chad C F -A- Franc 

Chile ■■■„— Pew (oi 

China — — — ■ — . Renminbi Yuan 
Colombia .... . . {**“>«» 

Comoros C.FA. Franc 


Congo Ppia Rap. of C-F-A- Franc 
Corta Rica—. Colon 

Cuba — — Peso 

Cyprus Pound 


Czechoslovakia— Jfonrna to) 
Denmark.—^— krone (ar) 
Djibouti Rp. of.. Franc 
' E. Caribbean 8 

iPeso 
l Peso W 

) Sucre td) 

( Sucre if) 



Ecuador. 


Egypt. 


| Pound 


El Salvador, 


Pound to) 

1 Colon 
(Colon (dl 
C.FJL Prana 
Birr (o) 

Dan. Krona 


EqU Guinea— 

Ethiopia. — ... 

Faeroe Is 

Falkland la Pound* 

FIJf Dollar 

Finland Markka 

France Franc lari 

Ft. Cty In Af..,— C.F.A. Franc 
Fr. Guiana......... Franc 

Fr. P*o. la C.F.P. Frame 

Gabon C.F.A, Franc 

Gambia—..— .... Dalasi 

Germany (El Oetmark (p) 

Germany (W| Mark i.ar) 
Ghana ...... Cedi 


Gibraltar. Pound* 

Greece.. — _ Brachma 

Greenland"' Dan. Krone 


13.86 

2.213 

0.941 

349.00 

7.2B1B 

106.153 

349.00 

1.389 

139.20 

89.2698 

0.B35 

349.00 

349.00 

188.82 

3.186 

186.87 

349.00 
349.15 
60.18 

0.8CB2 

2.0044 

6.10 

B.099 

177.00 
2.70 
2.846 
a. 868 


156,50 

109.25 

□.83 

1-36 

9.00 

6.00 

349.00 
2.0504 
8.069 
1.5363 
1.0909 
4.988 
6.90 

349.00 

6.08 

126.909 

349.00 

7.05 

2.1618 

2.1918 

90.0 
1.5363 

136.50 

8.099 


COUNTRY 


CURRENCY 


VALUE OF 
DOLLAR 


Guadeloupe.. 
Guam. — — . 


Guatemala—. 

Guinea Bissau. 
Guinea Rep — 
Guinea Rap — 

Guyana 

Haiti 

Honduras 


-i 


Hong Kong. 
Hungary—. 


E. Caribbean 8 

Franc 

UA.9 

Quetzal to) 

Quetzal (ti, 0 
Peso 
Franc 
Franc (j) 

Dollar 

Gourde 

Lempira 

Lempira (d) 

Dollar 

Forint 


Iceland 

India 



Ivory Coast 


2.70 

6.90 

1.00 

1.00 

2.92 

170.479 

340.00 

300.00 
4.300 
6.00 
2.00 
2.66 
7.811 

46.282 


40.47 

12.87 

1124.00 

79.1008 

0.310B 

1.389 

1.471 

1503.60 

349.00 


Jamoic 
Lb pan- 


Jordon . 


Kampuchea. 

Kenya. 


Kiribati — — — 

Korea iWthl 

Korea (Stii).— 


Kuwait. 


Lao P*pls D. Rep _ 
Lebanon 


Lesotho..— ....... 

Liberia 

Libya 


Uec htenotein...— 
Luxembourg — 
Macao ............. 


Madagascar D. FL- 
IC Ira 


Madeira, 


Malawi 

Malaysia. — 

Mb I dive is 

Mall Rp. 

Malta 


Dollar to) 

Yen 

Dinar 

Rial 

Shining 

AusL Dollar 

Won 

Won 

Dinar 

Kip 

Pound 

Maloti 

Dollar 

Dinar tSI 

Bw. Franc 

Lux. Franc 

Pataca 

Franc 

Port. Escudo 
Kwacha 

Ringgit 
RuTTyaa 
C.F.A. Frano 


Martinique...— — 

Mauritania 

Mauritius .. 



Montserrat 


Lira* 

Frano 
Ouguiya 
Rupee 
Peso id) 

Paso tei 
Fr, Franc 
Fr. Frane 
Tugrik (o> 

E. Caribbean V 


Morocco Dirham 

Mourn blqua Metical 

Namibia — ,8.*. Rand 


6.48 
168 46 
0.3323 
nj» 

16.9444 

1.4215 

0.94 

886.60 

0.8EJ92 

35.00 
26.88 

8.1645 

1.00 

0^3061 

1.831 

44.73 

8.Z1B5 

687.1Z1 

146.65 

1.7646 

8.684 

7.00 

349.00 
2.5773 
6.98 

77.00 
13.80 

529.50 

616.80 

6.98 

6.98 

3.3555 

2.70 


9.01 

40.75 

2.1645 


Nauru la . 
Nepal 


Aust Dollar 

. Rupee 


Netherlands — Guilder fort 
Neth Anries — — Guilder 
New Zealand ... — Dollar 

Nicaragua { gS&bld) 

Niger Rp — — — . C.F JLFrano 
Nigeria — — N&ira 
Norway — — Krone (9) 


1.4215 

£0.59 

2.469 

1.80 

1.788 

70.00 

B75.00 

349.00 

1.0198 

7.478 


Oman Sultanate of Rial 

Rupee 


0.385 


Pakistan — 

Panama Balboa 

Papua N.a — ~ — Kina 


16.498 

1.00 

0.9166 


COUNTRY 


CURRENCY 


Paraguay. . 
Peru 


| Guarani iq.cj 


PhlHppii 
Pttoaim la 

Poland 


Portugal. 


1 Guarani (CD 
. Inti, (o) 

. Peso 

. NZ Dollar 

. ZiOty (Oj (9) 


Puerto Rico.. 

Qatar — Rlyal 

Reunion, It do la... Fr. Franc 


Romania — | 


Leu (a) 

Rwanda. Frano 

St Christopher— E. Caribbean 9 
St. HeltnctoMM Pound* 

St. Lucia E. Caribbean 9 

St. Pierre Fr. Franc 

St. Vincent — E. CoribMan 8 


Samoa (WettemK. Tala 

Samoa iAjtvJ, U JS. • 

Son Marino It. Ura 


SaoTome A 
Prfnolpe DR 
Saudi Arabia - 
Senegal.—— 
Seyohell 


Dobra 


. Rlyal 

. G-FJL Frano 



Sierra Leone. 

Singapore. 

Solomon la 
Somali Rep. 

south Arrtco | ^d,,, 

Spain — peseta 


Span Ports In N. 1 __ 

AfWea t Sp ‘ pMetB 

Sri Lanka. 



Thailand 

Togo Rep. — ... 

Tonga la. 

Trinidad A Tobago 

Tunisia.— ...— m... 
Turkey 


Turks a Caicos. -w 
Tuvalu 


VALUE OF 
DOLLAR 


240.00 

7»ZO 

15.84 

80.48 

1.788 

183.76 

146.66 

1.00 

5.641 

6.BB 

4.43 

12.40 

B8.0B81 

2.70 

1JS363 

2.70 
6.98 

8.70 
2.17 

_ 1.00 

1503. BO 


38.7791 

3.6585 

549.00 
6.1999 
6i40 
2.213 
1.6287 

3B.OO 

MISS 

9.1645 
159.80 
139 JO 

27.915 

2.45 

2.95 

4.00 
1.780 

2.1645 
7.082 
1.821 
3.925 


38.41 
19.75 
26.27 
349.00 
1.4815 
£.409 
3.60 
0.73 
670.72 
1.00 _ 
X.42I8 


Uganda.—...^ 

(Jnitad Arab Emir. 
United Kingdom— 
Uruguay...——. 
US 

Vanuatu 
Vatican. 


Shilling 

Dirham 

Pound Storting" 

Peso (m) 

Rouble 

Vatu 

Lira 


Venezuela—- 


Bolivar (g) 
Bolivar tg) (I) 
Bolivar (oj 


1458,30 

3.673 

1.5383 

143.76 

0.7005 

94.2697 

1503.50 

7.80 

4.30 

19.34 


Vietnam — 

Virgin Is. British.... 

Virgin to. U.S 

Vemen 

Yemen PDR— — ... 
Yugoslavia... — ... 

Zarle Republic 

Zamb a 

Zimbabwe — 


U.S. i 
U.S. 5 
Rial 
Dinar 
Dinar 


12.2Z22 

1.00 

1.00 


8.518 
, 0l843 
350.07 


Zaire 

Kwacha 

Dollar 


56 23 

6.9258 

1.6609 


n.«. Not available, (m) Market rau. * US dollars pet National I Currency umt M Fi eanrar ket central bsnk. _( 0 ) official rate, (b) Freemerhet Inter- 
bank. (c) Commercial me. (d) Fresmarkst. (a) Controlled (ar) EMS i^rtl + 3 per cenc DG + 3 par cent, fFr - 3 

per cent BFr + l per cant DKr + 1 per cent, (f) Financial rats, (g) Ptalorantiel raws, (h) NonrasssnUsI Imporu. (1) Floating tounw ran. (j) Public 
Tnnsaciion ms. (M Agricultural products. (1) Venezuela: For debts incurred prior fg Fabry ary 1983. (3) Brazil. March 1. 1988; Mew currency inhaducari 
— 1 Cruzado = 1.000 Crurairos. (4) Sudan, March 11. 19BB: Pound readiustsd. W Turkey, March 15. 1988: Ura effsctiwaly devalued by 5Z3 per eent. (fi) 
Libya. March, 1986: Dinar now pegged 10 the SDR. (7) Argentina. April j4, 1996; Aultral devalued far approximately 1.19 per cent (9) Sudan, April 14. 
1988: Thud exchange rate rniroduced. (9) Norway, May 1986: devalued by flpprokim«ttly 12 per cent. For further information please contact 

your local branch of the Bank of America. 






Rabbr 
*d an 



9 m an 
intcreE 
■n in 
5 ubje< 
ild be 


W : 



















































I 2-9 1 0-7 167.9 
37 22 205 
27 V) 27 A 
24 30 15-9 
27 t *5.9 

u uus 

19 VIM 
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u u u 

27 43 114 
* « ♦ 
0.9 * 112.9 

u M W 

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— Xb ZL6 
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13 9.7 82 
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♦ 13 * 

♦ 30 * 

23 33 202 
33 2.4 193 

♦ 13 * 

♦ 47 ♦ 

- - 91.4 
13 17 IMO 
13 43 243 
£4 23 10.4 
31 5.4 73 
4 33 9 

- 1 13 - 
23 37 193 
23 177 — 

33 14 04 
13 51 E70 















































































































































































































Financial Times Friday May 16 1986 

INDUSTRIALS — Continued 


0" rtd 
•ta Cot v* M 

*0 ? 1 4 I 164 



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310 

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589 

250 

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fags* 1 * 1 *- 3* >* •■ M013.64 : S2 

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260 275 I 

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345 tertM’S-Ufc (448 i-2 

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70 iEhcMoaJOPH 73 ^ 

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32 Sdeamgtl lOp 

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190 bmU^ptUOp 

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115, » IMWHIMIMUP. U5 >1 I 23 6-28 » 

U7 .UO *U-w».~ 111* * ; «263 30 33 U8 

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170 FcrgasoiM. 

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Suck Pnee 
42 35 4Uaasn1>bv5o - 36 

222 130 Hug* fat Hu* Up. 220 
305 232 Hfaduge Prgp |Qp . 305 
640 ‘4C ^Me*>vreJ4i 6J5 
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310 [ 270 jlurg Phw-tt* - - . 385 


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74 1 54 iMIiww . • 74 I I 412 1 13 1 23 '418 

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470 270 ln«Lr«-50c. 412 !-B (tgOtOS 18 ! 35 |1M 

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140 3* I 3.4 1118 


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380 276 MFC 1 343 »... 

380 204 kpxBCoTOp I 355 *i 

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345 1172 bfe.toCiu'n ...J MS >10 

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313 105 iMcAfa 5rcy?0P- . 

165 (122 MmulrtloertSs 

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535 ) 385 Peel Bldgs — i 535 ! .. 

88 58 IPMmPrMUdFra I 04 I 

117 1950 Ifrmi Sfamm U (£17 , . 

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3fcl I 315 lPn» emnertfap. . ' 920 '*9 

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545 
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1.7 « 


88 b7* 


27 9.9 


hi 


11 {SMkbto VS-10) j M hi 

125 iDaTopcCem M — 170 ... . 
66 tStraed Wr* Or*d.__J 109 
10 &*c*r«F.)5k \ 16 hi 


1.7] . 

nis&! 

1 a 1.7(4 3 

45.11 49 I 59 
120)0 29 
425103 14 7 
14.1233 35 
27? • 67 

MrJ — ‘83 


60 haCMfliWohey — ZU (*10 
" - ' >.10p 17* 1+8 


1 283 > z 
1 92*,fehl 

I 222 - 


76 (Taauf 

180 {TorpcWO 

°* (SS?i!lr3”J.::: 


1125)2.7 

*10 481 

40 ♦ 
OIWU 
60^40 


31 


TOBACCOS 

430 f 310 
024^at» 

363 1 240 Imperial- . - - , - 

166 1127 iReilenais 12>a > — i 150 M 


J WDHbbUa 

310 iBAThfes. J 370 1-1 J 121] JO)<6 80 

305 1 0tuudfl2oi>«.4 niW . 

240 Imperial 1 348 >2 4H1201.9.4.9 188 


1986 


TRUSTS, FINANCE, LAND 

+ ar) Bto 
- J Net 


Price 


39H65> 


. 95 lAJKalmr 

1 663 WkapceTnnl 

SB khibadlnc 


investment Trusts 


18 >179 


205 


503 DtCamul 

[103 (Aha ImwuwK Tn« 
62 lAntoPU Imr. lac — 

[263 I Do. Cap. 1 

131 UntncanTnnt — J 

1 1261 JAmencan Til -B' J 

286 lAniq Am. Sees ; 

114 (drcPrmedei lac J 

115 I Do. Cap. 50p -| 

117 kpA/tpi inrlASlI — 

149 Itohdpwilnt. ! 

104 lAihaitAsiefc J 

275 jBdflefiiHMJppm-4 
44 Badlrr GiHOrfl 54) Nip.i 
69 jBadke GRtord Tecs. — J 

90 fe*ke^lfa... 

1159 Bern Tnfe J 


116 12Z} l.« 

733 I — I 2O.7S10 
8010 
045 LO 
U.9L0 
9.75| 4 

11! U 


59 

630 

US 


324 

133 

132 


134 

142 . 
1*9 I 


I 


27 

40 

1209 

01 

1208 


Hi 


. 60 9 

' 1W^10 

I QlSNl 1.1 I 3 * 


39 


14* U2 ! 4111 10 124 


104 

390 

62 


117 


6ZW 53 |Brtw-*wn__.-- 
307 tflOO DB.boeC«OL5199S_ 


u us 

I 333 
59 


102 ! » 
363 
130 


31 iBnt Enp. 5*0- 10p— * 
(368 Snt toeea.. 


2Z7 

£20 

140 


8^3 


53 
17 . 
4*ihrl 


13.4 


ia 

IRUi 


lujSi 

isE, 

89X219)1 
hi 1 1 


I nr J 

290 [Caledon a ton. 5p — I 

106 CtofeeBnand Gen 

_ ,180 j OtC»7bo ! 

£26 £20 (ComrUa ton. 10p, — ' 

218 I ISO (Otopm/nc Ct 

825 I M2 I Do. Cap J 

Fgr Cbuie* Tips w Krtwi 

365 [ 300 ICtaJHtalUia J 360 

67 I 48 4 Easier 5090 .i 

22 I 16 |Oo.mir*Mh J 

48 3« CtQiC Cool Inc. 1 

741 1623 1 DoC*t£l) 

134 T 103 tor & Ferelpi lm. J 

278 [ 244 CiTjiriOifcrt J 

100 UN. VrtbK Ta 3Gu — i 
20 | Oo.lOOWma*; I 

29 Da. 120 Warrants J 

99 IConU Asset! Ta 75p ....I 

30 I Ot Wmonte . — J 

645 ICenUKfPaliM 

,139 Creme J>Mi SOp -J 
480 <370 tCefllcFitrffnU.. .J 
73»J UJJOartafilac). — 

20 I UlJ Do (Caaitp 

139 1 110 ’[OrrttcTsi. Inc • 

141 I 111 I DpCjp lOp 

364 i 514 (Ora-porOm _j 

190 (134 lOniflenFarEaR 

94 i 44 r fit Harass 82-91 J 


_ I 09> L4 I 0.7 
hZ I 08jLZ|0i 
... Z045) - 1)0 
.... L5j * [19 
.1 12.75 10 3.3 

_ J-l I tl05l.2 06 

&3”ii A 0 

1 00 IA ! 16 

<3Bfet-Z ' « 50 

« ; uio u 

290 ) j **0 U ! 20 

130 


OM 


« ! *1“ “ 


739 
127 ^ 
2760 
UO 
N 
» . 
182 


.... 120j 4 08 

... .jaS7l,Njl0j3S9 

darter 


-1- - 
491 10 [236 

If I 410 0.7 

-..-I B0| * 

I OJj 4 

Zi- 
.i -i-i- 


m t l I 


. M21010j)B 

224 1-3 1 03& L2 02 

<78 I ; -j- - 

73»r I 74.9)10 94 

19i> - i — I — - 
139 (+1 ! B37M0 1 85 
13) ! I _ I — i — 
348*-2 ' tlOOl 10 1 4 0 
186 (-1 ; 11)08)00 
94 h) I -I - I - 




37 


INVESTMENT TRUSTS— Cent. 

19H * *r On rid 

- * - - M btfirt 


Stock 


feme 


150 

315 

555 

2C7 

U6 

23* 

190 


U> 

348 

64 

1* 

558 

£1)4 

192 

3*5 

123 

140 

706 

150 


662 <21 Drawee Jioa* 

575 -»7 -Drapon Pr*m**r 

68 < kO Ooalew l"t 500 

£15h Ul<p 0* C*»ulU 

20k i Uk 0ufeK*L4-d^ -— 
117 H03 td«4far9»A- T» •: 
a* i }i Ldetov^ F*i Ta 1 

149 !U9 |£smkw«">fa 

52 1 29 CfeMangO In Witv_... 
155 1 132 XJKtra me. 7s. »....* 

378 ) 284 fe«4G*n ■ - 

370 | 329 KneenV-iStn S5 • 
£34 1 Ul ICtoBtfelpi'n-^tl 
152 1 136 £*• Biewi Ta .. 

79 ! 47 l Do Warrano . _ 

13? ID) topiNTTnot • 

4J4 75 (tatiScx ... - 

150 1 119 jCewTrua. 

j 266 [GoetoCamanCl 

483 I DtOfeSOo . J 

I lb< lEanpMflA.ver'DFil 

I 85 VBCAtoaece fat 

.■ 171 T 4 C Euromu 1 

. _ 1 1<2 )F4 C PdCil>C fee- T. . . 1 

277 1235 [Fir* I, in, Ta — : 

410 i ym iFaVwiGw- . - 
9 -Fma Cnarlcne Aucts 
289 -f.rstSbfe.4m 
60 Twogr*>ngJ«Mi*ie. 

10 Op. Vtanams - . . 
<80 duneog Amman i 
U23>z Oe Tpc CrtJnLn 1*99 > 
14)ijlF)tfflng ClarertKESe -j 
285 IFlnrang Eetrrsrcr 

8} jflefBmq Far Casnrr _ 

109 elmiengFiedgei.ng .-• 
471 Vb-nnJaparw 

123yf leners Mercafeii* — • 

147 1 123 flrnjns Oeenaas Ttl . 
16? 1 14) tnenwgTerti we _.. 
397 ( 32? iFimemg Oneertfe . 
901 A 68i^omgr k Cm — — ; 

671 J 61l,;Fa<crwin Inc . . 

7 1 361 Do Cap. n.-o ... _■ 

62 I *1 iFminimt inc - • 

3*2 I 30k i Oe Cc. - 
109 I 9) IGKCJfaul - 

17 1 29 I De Warrant* 

164 [DO KTGttalftrcU 
179 I lit <GT Japan „ .. 

13) 1 116 Hjartrmn Amman 
46 <Cann«T I* A F Tv 
Do Wmam 
274 Am Complcatrc 
DO *ene«ai FmeR ie ' 

140 I Da Car* 2c [ 

101 [demur 5rum>e* 1 

11* iGermn Snull In* 5c • 

1*3 (115 Cto*n*SrN4m 

366 1 291 Kioto in, ; 

146 * 229 hnikliw 1 

203 1 14J Itarti Cmgrw la<.s • 

192 l L3? 'Genii Oirntai m* 

2)1 1 165 -Gomti 5lngt im !0a . 

328 > 244 iGmnfrijr ("• . 

255 i 225 iG'num rtom* . .. 

275 1 240 Group in*ntiv\ . 

154 ,'Hanenai u>* Tu j 

33 l Do w«t*ri - — J 

26] IMdliPndio) - 

237 Ifade o marm in* • 

54] Im mSbccta .. 1 

2*4 immor. Capnaf * 

44i,4JaMn Asms lOp 1 

1* bo Warrants > 

(Do VfK C. (J* 19« . 

SmesGen U ’ 

[to Hob not- 

tone in*. Inc. LOp — 1 

r Do. Cap. 2a j 

jKrraanrlm 50p - J 

Menvnn CMtser J 

Imo. A London In*. .J 

k^nOrtertnrr J 

|Leto m. IpcZQp — J 

Do Caa.5p 1 

Lob Ailanoc 1 


Net C*n 

•125 2 0 
02* 30 
41 14 2 1 
*20 21 


fSo t?s 5:7 


~ta 


Q71.V < a 
loO 19 
150 22- 
W626 1J' 


IU . 90 
i*5 114 


93 550 
98 


i«a ■ r 

2G* 2b u 


2 >* 233 
ix n 


XI 25 
2*3 :■« 


FINANCE, LAND— ConL 

- e» On 

Stock bto - 

R.jh. \ jp - 41 

Lncri *.s i"t 1G3— 8 

l*~rr i«« U- ... 30*2 

Ij- 1‘MW.. ... 60 

D- >»T 50 

5:7.*;.r33H)5- C8I . 

L'AI ,410 -5 

V (. r , bae ■ 020 **10 

l Tier* "vs 10a — , U* *. .. _ 

v*-icriiie Hfete — ! M5 ;-7 I *130 24- 
V«aifaifC*rf»«»60 ...rtaat'4^ ■ 

i,Ut irwZ2',a ; 9* «1 0- 1 8 

fcr.»:3rt*LM«75e ' 35fe. 1 23h8 — ' 

ere ; 

<in.(UcSp — 137 

Oe Tsc C<fa Red Prt < lit 
tonmnnSen — I 243 

icrasaCats J 58 

Zafrielto-. — ■ j 3* 

Pa-r>0<rj.T.) J 925 

vPlan »*e4- lOp — ' 92 . . — „ 

1. mmW 2>rfl — 1 1®» ... 1 160NI « I 

5*4>Air>K3bf’ 178 I -- *ebfr£9i 

- IBS I — I Q5-97C- 2A l 

83 I I 

26 i... - i - . 

236 1.. I W-STUT 


rid 

Erl Pt 
b5 16 3 
lb 22.5 
5.5 id: 
S3 10b 


) _. 


Q8*.i - 
**2*7 - 
7N. - 

Lftaj 

I L2A * I 


194 - 

ia-ai. 
2b 249 

40. _ 

58 rail 
10.7 - 
15 -W tu 
??; - 
(88 - 
£.5' - 
84' - 
— I _ 

28 i SS 
4Ti « 




20 25/ 


128 1C5 


: 1 J 1 < 
- 152 
10 41 

iia-38 
♦ 12 
10 2b 
10 00 
:«i3< 
11)29 
10 21 
• 127 
10 24 
10 117 


192 151 


TrmpbW Com 5001 1 
usu is: sod- 

0: *4jr=m 
Trjrsan 5tn, 506. 

3d ‘Aarranu . - .! 123 
v <3leacETKn59n- 1 140 

Af^tfttr. 63 

ayisHue In* Scl 40 

■ i*-e Case Us— — I IBS 


JVM 7 
55 • 

*7:99 
U192 

27 182 


I slA 16 - 
I 152. 11 > 

I 7X6 * , 


1A <»1 
34 302 


55- * 




1b 34 10 14 3 


! Q2& 13 '19 


56 

1) 

3)0 

158 

162 

112 

145 


20 09 17 
J 1*13 IX 
. I ao l ; 72 
| £107 23 


1! 1 10 4 9 
20 10 18 


1< 

47 
306 
276 
655 
284 
59 
25 

UOb | £00 
350 1 310 
16* 1133 
75 


30 

500 

102 

1*8 

232 

37 

199 

198 

30) 

1B0 

71 

41 

138 

378 

030 

169 

Ul 

207 

122 

48 

240 

126 

180 

196 

417 

UO 

156 

164 

164 

294 

291 

380 

100 


67 . 

£ 

188 

323 

245 

81 

352 

215 

178 

79 

38 

99 

86 

660 

42 

75 


127 

403 

124 

176 


Sr 

S’* 1 

226 

52 . 
am 

138 

272 


134 

83 

148 

306 


113 

357 

*17 

517 

316 

btt 

15 


Lon &Gtrt.S0p . — I 
(Lon. C SirJtkdfae 

pnton Tost 

Dottumfes 


162 
332 
128 
126 
138 
131 'jj 
215 
210 
318 
81 
370 


1*3 >1 


U6 GDito lac- lfe—l 

On. Can 2 Op i 

Do 2fe0uai fat-lOp— I 

Oo.Cap. 4p.. — ) 

team* AO* S Tii.ClJ 
MfeMCwnePacSOp 

Do Warrants 

(Mfttvmln. 


-20(29 
1 10 | 35 
10 70 
1 13 I 3.9 
. 2-0 260 


1281 IX 1 30 
28751 10 1100 


IMIK 


Verdana Tu 

15* [MfeWyndlto.lsL. 

Inert 

..... _*e 1**. 7s J 

ktortay IneoneTs — j 

Da. 8 


MmartotL. 
Do. B. 


UarroySndr Markets 

0o.B 


hi 


1 43 


127(08 13 


Marrac Venum ... _ 

““ Ann. ltw.Ta.50p 

f Court 50p J 

OmtiOrfTB. 1 
Tkng.lnc — 
Cae. 


hi 


U I Dp-Nrrr WrrtS... 


,Tokwln..50p_J 
1928 towfl — -J 

CltoTrtlQp. — J 

.AlltofecScc 
.BnL C toi a fl ik n ■ 
iSeaAueu50p.[ 
. American 

iSeo 

rW In* , 

l Assets frt 50pJ 

Dg.Ser.lWm»to_j 

i lor. T st 
Dp-Warraes 

r Bon# Fens SAJ 

I Assets 12'OM 

orTnra 

, Do. Warns 

Precious Metals TtL 


6 la. Cap . 
IMertanUie — | 
PlfeeDfe— 

»(B»J FUO 

Dp SiA.Sh'sFU. 

Rrimco NV FJUL. 

180 TDo.5ytSks.ai_l 

267 RwanejTrua 

niVtoremoKVFUO. 

J16 15L Andre* 7a._ 

227 [SPLIT Inc IQp— 

PLIT Cap I0p— 
PRAITMo 

De-Warmos — 

Do. Cun Ptg Fref — | 
lepLArp. In* 50p 

CPUS ‘A’ — 

Cast In* — 


2-71 10 1 66 


hi 


hi 


24*j: 


* 05 


+2 


(-2 


caNi hue' 
216 


110 1 


Nl*BM 10 1 
S0JL3l_ 

Z9j 10 ; 33 


1 105 


35 


(Sea* 6 Merc A 

. Mott. A Tse. — . — 

. Nuoul .J 

. AUianceTH. J 

_ IMarkei 'ne.So.l 

169 1136 Betunt>« T« Saa. I 

218 19a Ki*e* in* 50o 

UU laOS Da. ItocCmU 3)0)4. 
79 > 67 final* Cos In* Ta .. J 
38 i 36 plewart Em In* 10a J 

210 1 155 B7»lomF.E5 1 

For Siockho idea m» 
97 iSirau inwamms — 
81 -T9 Australia Tr«« — | 

, *b FTP Cor n) Londto Old 

155 JR mo & General _ _J 
|20l ITRNpfaralBrtOortes.i 
90 (TRKortft 


108 C". 

357 *3 


122 

102 

122 

1*8 

225 

rot 

166 

169 

1X7 

173 

169 

61 

362 

300 

109 

272 

•90 

205 

J« 

94 

£10 


M3X5J 10 

MUON) - .. 
t60! IX 1 32 
1 240) 12 1 70 
20| 10 / 26 
A*a LO I 23 
*14 a i o > <8 

as e 184 

405 11 1 22 

tl6^ 10H5 
saO02( - (02 

. 501 9 1 43 

218 i+1 (M13.13[ 12 I B5 
012 I. „ OLlNl — | (51 
76 < 1*. * 26 

34 - 04] 06 Lb 

210 1+3 1 Q15d * 1 05 
see Corfu Atlantic 

173 Ul I 


5024*2 

310 


645 +1 


118 (TP Pacts Bawi ^ 


140 TB Prop In*. Ta 

90 jTB Ttthnolog* < 

139 [m TrasieesCorpn 1 

135 nemo le Bat 

51 llkrpg. See. Graatk 

2*8 [Oo Cap £1 , 

239 IDeogmortoo Trust — j 

74 I Do. Warrants 

226 [To/, invest. Inc — — 

364 [Do. Cap 

157 Fl ram. Ocean* 

111 *Ti 


-J - I - 
i2 15| 13)30 
M39| 1.1 1 *.* 
M38[ 1.1 : 28 
, 7 S 10 I SO 

1 VlOVlOHJ 

J 10)11.0.9 

165 I . _ I 1355[ 1 1 1 30 
10) 9 23 
3tf 11 34 
5S U I <8 



[ WifT n feerei i l*c 50o — j 


1773 


2b< 1217 US Deb. Can. I 


61 

548 


3*5 


286 


Ds.CapiulU 


VAurg Rrtderces 

[WtmjTSS Ito. £l J 

Wnrrbcnon5p — .1 

iWrtjn Imr J 

Do wrarraros 1 

IX toman hw 1 



175j 10I9X 


90 


835- 10 ! 9 1 

. .. 1 T13 8* 12 73 
]. I 11 5fa 11 I 0* 
38S 4 ZB 
2.751 U 1 30 
1107 10H73 

653 08 : 34 
20! 4 >63 
22.0! U 1 5.7 
234| 10134 
IT 95J 10/21 

9*1 10 I 40 


Hnance, Land, etc 

heti »■* < ! 

"■ I - I Ntl IC’w «r\/| 


2*5 1 232 [itotgiMirtii I0p___ j 2M [+1 [ ll25| 15 1 


U 


2)>r 16 Amalganiaiea F. Imn.l 
515 1 300 Urulagasu Hugs £l -I 

70 I 70 * Do 5«Cia7jW£l .] 70 

71 I 31 tArgel* Trwi 51 1 

95 ! 7b Asset TruU LOp ..-92>i<P 
18 11 feAas Mean AM 25.’ 17 < I 

125 72 AuFonty In*. 20e 122 1 .1 

14*il 5 iBtonc ln4Fin2'^i „■ »»> . .1 
IK 1110 Berbrifjr Ifthpotepy.. IM ■...» 1 

Q3V aiUBnuctoatok iwsJc . I E13V . 

200 IWIMimIkU 1 173 ■ ! 

156 1 120 0r*aniaArrM . 2 124 L 
(171 ru. OLtm. (<i*n u 


£196 U«S * Do.9pcC» 95-2000 ,i£130 <+l 
iw*l U CamBtamVM.Cs be J U 

250 1 196 Candover In. 1 747 

4? 15 Ceatrf«j)r Tnrti 10p..' 39 (-3 

263 223 |ClKeBni 250 .1 t7 J81 1 4 I «2 2*.i 

160 110 Uomp Fn Sem Jp J 140 I....! R2.tf J5 1 20 ; J46 

120 Q3*46wniWUGEl.> £U I .. i J50- »i ■ 13 IB I 

310 265 HFEM-toFaVanfc J 20 1 60 J8 30 166 

45 25 rfEafer Frn. lOp ; 39 ■ i *1 31 06 > 4.7 59.7 

£82 £kfl MpBmCrtl 45-2000 £M :-2 • 08N 4B WL - 

245 IM E <u ue 10p . 228 hi ' 


45 

a 

s 

56 

665 

94 

<05 

360 

167 

67 


42g30 26 14 7 
Ob. - -20 - - 
Iftli 1.9 108; — 


— I _ 99 


3j3 2*0 hkeywesilne* A50c. 332 . 'njIUSfli. - ■' 0.9 ; - 

208 > 200 'Metal 7 jjW JOp 200 >. I *$11 D - 1.9 1 7.4 1 92 


««22 ) 


OIL AND 6AS 

50 . :5 :?Aswf»*Aiii»*a] K )....! , , , 

IB TUfeAapilfee Pet NL — 7K _... I-' — 

33 9 :yL-ar E"J, 23p ... i 13 T _l _ I _ l _ 

32 ;0 -::A!fei«Rm:r£05_J U :+l I — 

■23: UJ VSfDRBBorcrtAaJ »• I . .••022»4« 52 40 

90 45 vSeikemCipki. — ! 47 +Z ' - 91 

1*0 • 42 V&caeOi. <2 U] I Q3o t> I 3.7 1 6 

12 7 -SrtfaiOrt* •»«._{ ? 

363 S2 SrcSfeneolOp 343 l+t I *17.S 1 4 I 72 H40 

UTi 5(8 BM P**rt>um ISM L-10- 346 22 17' 6J 

9C 73 03.8acF1.tl 1 09 I ' 5bV t >89 1- 

208 • lb* Broiiaa I 176 '-9 I ua 30 110.41 46 

Far trjrnmaM see MmevAuslrahin 

65 :8 i:9rrue0JGa%10p I 29 ;*2 } - j - * - j • 

8 3 43uaRrMr£0 25_! 3>f 

’37! 260 'A-rrjsQ ... —.1 3*8v +2 I 1L7A 21 I 52 iU II 
£921# E77+ Dc 8-jccLr 9186- : £WJ | Q8iiM183le!(U: - 
3:0 135 i:^ie=or,ar(toU.' 1» -S oJ _ I _ I * 

ICS : 55 Cartes'. Case! lOp - ' 70 ' I 2751 33 ‘ 55 4601 

1Gb A3 Ce*c»rr 15s . 106 1+4 ■ 351001*71*60 

30 9 Sc * 28* I l _ I « 

£2t>'i £24 ~e*rr-Cir S3. _ I DfcV-l, 1 052 <0 19 1 62 1 84 

S) 2<4 9DfejSpiiRrt — 2V .. ! - 

63 S3 TCMreiTdPrtkL. 1 40 

*5 • 26 ->££.<10.' - _ 3* 

7 j: ; 5a Vr/ntm — j 6 

65 30 CfasrPfir51n.il. 36 

2- : mCi.-rrur: Prt fa L • 3 


qQ5e! <3 ' 6A . 26 


3 j;£ai^rerSa:9es 
147 IQ: Mfcrs.-JPftCrpn..' 

92 p J esvakr. . ■ 

21 10 rttfc.-vrRfs.C31 .— 

4J 32 ^EMUryDibGas 


77 

130 

70 

12 

32 


1JJ 38 ! 59 j 48 
»2 ) M12J3c 7 J • 1 7 ’ 8 9 


1+7 


13 ::E<rtonouitO«>. ‘ 21 




£lICs,a2+£LF'j*irs,Ln _ 00861-'. 'Q1*%V - ;U 1' - 


22 Eeerjy Cap*ail?>»4 3* 
*0 77E.RIC $125. - > *0 

118 liderar.se Oil ■ 122 

30 E*C5U»una»0L) 30 


45 faKtt-Rev. 10a ..“<50 I 


12 
35 I 
•0 : 
SS 

re 

33 


SI 


i+io ; 


12 rtfafanuppR — 

55 | 23 ::F>rjuneOiiiOp • 

80 • 75 -nFrpfmpi sPmU 

60 j <8 <-fiojcO*10a ' 

90 67 ttGfcaaRH Aim 5ft.! 

55 ! 25 PFGetber Energy 10i- 1 — 

2*0 200 VGirtmlltatRfs 1 200 I 

58 I X tail Pm So- 1 34 1-2 

120 I 49 «ra« Western ResaJ 50 

SO > 27 MGpIbtrramRevd — ‘ 28 
UU4692 feaninon Oil Core — 1 028 
205 ' 70 |jjH^F4ano Pamcon ‘ 

IS >100 -nimirng Petrol 

I £10* I £88 > Do.IDpcCm.U‘97. 

53 ! 35 IlNOCOlOp _ 

. 430 1 273 [to*. Com. GasU — 375 
| Q46 [001 I Do BpcCrlfa 95-200 J 
115 I 43 +lnoSa8EartQr£ll 
127 I 60 lmrrEm 9 uSU.<U 

55 a llnU.AUtotrsRcs 

37 I 6 Jackson EipUUJ— J 

a I 4 liJekvenDrfemg I 9 I.. . 

23 I 11 KCADMhnglp U ■ 

9 ' 36rtLeanara0ilASl_J M .... 

|BS0 £250 ILonAmEngr HVZ_j£2SO 1. . 

2*3 1 110 lLASMO - M [-7 

310 1170 I Do-DPiTlOp 

115 (106 fla.9%KQefbPfUj 
U I 28 htrsafafer Prt. 5p — i 

110 I 45 rtbtoeHlanPrt -j 

5*jj 2>i*Mignei Grom 10c 

35 ■ 20 9 1 Manner lOp , 

9 rtMrrfeitoOUNV 

liJfMomarttPftNL. J 
9 WoneeicfeOdSp— J 
84 IfAtoCnnOP A3025 , 

2 limoray Firth 

12 (Mem Court Nfe 5p_3 
20 Mnr LBadon Oil 5p — J 

, U W.2rrtM0n8Gas. 

\ aidant HtaroKt 25. 

14 «6NtliSea&Grelia£l 

SlrhOir short 10c 

U fcfftrtoRes , 

45 MOllbelO Iibo. 5»»c — | 

13 nlOlfaer Hfsowxes- 

30 rtiktol 

9 knostoou Hydro 20p 

a ^EE'tenZJ, 


aj « 1981 6 

dzjzjz 

zi Z I Z la* 


— j — I — 1 — 

10 D7 )4i )62X 
20 2b 1 56 j 6.7 

'-3 j Q20d Z I L7 | Z 

l!. 5 ..i Ojj 2X I 79 1 69 
j+3 ! QlONj 9.9 |FlO0l — 

L43IZX _ ~ 
8N/425 


102 IBrtrocan 121, 

I £B664FPrtronni& 

15 IfP ei i pg i n Prtretoi— 
3 fePfajfmuWAGmkL 

25 . 

23 Premier Cen- 1 

1 181 (Range* OMI— 

j EdSUltojal Dutch FIJO— 

168 >&mo» A025e , 

30 h firteei .il Pw5flp— J 

) 119 IttScner+ResP 1 

660 |5heli Trans. Reg. 

62 ri)o.7pcK.£l__J 

130 bikotoee 1, 

1 12 55o«k.«eslta.*0e. 

40 ferwrfirtiai._ J 

12 &BtoaltatoBlWV_l 

70 l ir5»'iuioRomnrfc 

_ . U [TllEeergjr 

£62 1 £55 lTefaCo4\ocO* _J 
£36 ]Ob jTtiakC»FrP«BZJ 

150 ) 43 iTncemroI 

[□00 £n>d_OoUKCfU-9505J 

280 1 105 [TntontinppeSP 

30 I 15 hTnSLarResUSp— J 


hi - - 


Fh ♦ 


h2 — } — 


hi") 


69 218 1155 tokran 


J 175 1-5 


— oz^l- 


U5[18 


id * 


hi 


BFrMd 6 


hw! 


hi -i- 


[-2 


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19 I 10 IfWarnor R*i|| 1 12 h2 


10 jl 30 


U 


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33 




hA 

106 

31 

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23 


_ 

149 




72 

— 


153 

A 





17«, 

132 


21 

_ 


145 

B 2 

_ 

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lflii 

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62 

76.1 


35 

1Z8 


107 


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17 




60 




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20 

— 

— , 

14*1 

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13 

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1961 

17.9 

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24 




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21 

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193 




140 




39 

3.4 

73 

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195 

72 

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6.9 

61 

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61 


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253 

2.4 

130 

130 

150 

140 

— 

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— 


30 

— 

■ — 

42 

— 

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80 

(78 

to- 

300 

57 

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34 

117 

u 

101 

O6j0| 

— 

143 

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113 

245 

- 

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£191, 

38 

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310 

— 

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285 


OVERSEAS TRADERS 

I 57 lAIrcai Labes. — | 57 

32 BontorfalTUDilllbJ 

1 20 (BmicreM 10c .. 32 

1123 CbllfagtonCpn IK ! 

I 92 iFrsbxUknK) 83 

3 > ,lfF irg Paa It Im St -j 5 


Ur 

32 .... 


£©VGLHlhn.£10—| £896j 
l£1 — ! 


+2 


-7 


! 327 TH-nfm.Cros.il 
.303 H«bcaoe£l — . — . 

I 3 ItocksWm. 

1 184 iLontn 1 

i 63 Ibesco (ctku, ( C 

; 51 kkeanWK» 20p — 67 hi 
1 187 ftaTum. Zocb. lOp — | ZU 
1187 | De ‘A'HiVlQp — -J. 2U 
130 Poor Peck Im) lOp .. 

I €85 Do.9ocCvLn-03-CS 

I 183 IREA Hlpgs. 

i 30 Sair Darby MSL5 
i 558 ISietl Bros. 


£90 


-3 


4J5) 3b J 70 ( 4 J 
and 58 1 1.4 ii 26 
012V 1J U 6L6 
zao) L* 7.4 13.1 
18X>o0.9 70)223 
1 11 20 4b 1126 
*10 911 1b 60 ttUb) 
10/53 1.7 1X8 
2.95)23 [62 (7.11 
*5.9) 6* 40 4A 
♦69(64(40 43 


629 78 40 
09 V - M101 


2)2 I 3.7 1 18 

... fc4naaiL4 


35 ... brtD08iL4 1 

57(hal+10 1601 « 40 
176 hi - I - I - 


61 ITocer Kems. 20o — I ... 

60 I Do.B>9cCtoPI20pJ 174 1-1 ) B^V — l L4 


33 


PLANTATIONS 


1986 i 
M* Lew! 


Stock 


H ft | (rid 

1 - I Net ICerlRrts 


Rubbers. Palm Oil 

39 fAngto-Easl Plants. — ! 42 1 ..I 


— ! — I — 


93 I 70 iBectamJCfc- 
68 ! 43 tom. Plants MSOSU 

36 i 24 IGrana Cemrat lOp 1 

92 54 tftortiuwlWy PI MS1-. 

63 33 iHrtfeandsMSOc 

5b 34 PtoaMKeoangMSl — : 
SO I 38 Stone Evans in* lOpJ 


SO 
46 

35 L 

55 l 

33 

3b I.... 

44 L 


123)Z1\Z2 
+2 lt«re6^U t 

leQUdLS 7 
*015d 6 110 
i015c) 12 128 
229 2b 1 72 


810 1 775 (Assam DoNrtU 


Teas 


n9 ; £15 lUtortGrp 

Mum Russel El- 


367 1287 
252 1 192 I Do.B.4pcCra.H. 
730 1725 IMsranCl 


810 

£19 

332 

227 

730 


9xai* 

35.B 4 J 
79 7 7 
8.4V 193 
I12J/U 


182 i U8 lAdkee Ho me ......... J 175 1-1 I 9*7.r 1.1 < 62 W 

For Aknnd Snvtfarn set Mrrpmi lull (Banks. 


For Plantation A Cm in* see CMlmgion. Ovmras Tracers 
615 .390 tw mormon Cl ' 610 l. . . I 20.01 bb I 4.7 


515 1 ...: 0273 38 [ 53 (56) 
, 04.9 — 70 1 — 

1 10 1 7 ■ 20 Z7.9 

I *09b 11 <13 - — 
Q2c' 18 I 82 - 69 


0X1 40 1 10 '336 
Ob T 6 -32. 0 
010c. - ■ 05 • - 


MINES 
Central Rand 

725 1 419 (DurtMn Deep R1 J <25 i-13 1 0UXkj3J]76 

4]9 ‘243 Eau Pane Ffap PI - - 1 300 (-10 

88 50 Egel.Com 

UB<4 £4f li ParSonl n E« RT ..a 
182 ' 95 Swnto. S Jack RO 02J 
265 150 .We-JRanoRl - 1 


SB ! . 

£47'« . i HU 85ft) 31 1 12.7 

110 I .. I QSfe 6 5.9 
168 1-5 I Q120ci 2.1 123.2 


•42' 19 | 4.9 ‘13-1 

QrtNj - ; >7 1 . - 

40* lb i 23 ‘384 
8 — : — F — . « 


160 i 85 
385 210 
255 • lol 
£J]l,'. 744 
390 24b 
375 : 210 

£1Z(.| 81? 
160 ' 90 


W liLarflilOp 1 43 I. 

22 i?6 C Ebi Ta lOp I 24y .....* 

14 iFcraoon (JilOg ! S'.-! 

31 MFiemfeilDo. j <0 -..) 

375 iFranrimfeabCrp i 600 < I P601 42 1 12 20* 

74 rrwGr»« J 92fe+S I 0 16.91 * 

355 iyGen OrtoUl 50 10 1 <85 ... 1 

185 iHanfapTnia 1332 l-l i ♦tb.W 1 0 30 


iy 

bO ■ * 
60 < 38 
ln5 i 100 
105 ! 62 
£171/ 937 
55 I 3b 


Eastern 

'B»aUeo90c . .. . 
rtCom Marine 5c — .- 

East Dagga R1 i 

:Eajle»nTmv £n.50c ^ 

tRGORO.50 ■ 

frooirlfi 25c ....; 

i Kinross PI - j 

■Le>li*65c 

■Hanevaie R0 25 .. : 

rtUDaertBCBioeiiHS 
rtRara Em&EuISOc. 

S Alraanla 35c ...a 

V laid mown JOc. 

.WinieluakRl ' 

:Wd Nigel 25c 1 


Rand 

95 i ... itfllOOd 1.1|34.1 
Z10 -3 ' gQ538> 9 86 
220 -B I - ' - - 

940 '-35!*Q20Dr23 .!b9 
293fel-7 (Q65c 27-72 

248 ;+3 ■ QlBOc 14 235 
KS . .. '*032 5c 18-128 
90 ’-5 M105C0.9 - 
80 . : Q70t 1.1 284 

38 -2 - :270 

38 -2 — ( — i _ 

100 .-5 : 047‘.< 11 154 
80 ...I sOOOc: 0.9 '16XT 

950 |-25 ! 10460c’- 1J 115.7 
40 hi I - 


130 SHaeeyiTTOp^ 162 .... I *40 23 38.15.2 
, 52 hmiuPirai „J 66 i- Q7c- 15 ! 3 3 20 1 

£1M, 980 iHMSraiAduCp.../ £16 '-U UbOl 4 5 / 1 4 -23-5 

U7 90 kfomuig GfBup J 115 '+2 . 6D29;75.60 

U3 80 Hnd Fpl 4 in.. Co. . I IDS i. I 35 20 4.7 1*4 

219 1163 !lmi Cur HUqs... j 199 l-l ■ *9.0 22 ' 65 I 81 

630 1(00 W in. Tvi.Js, a J 605 ' i 010 a) ♦ 1 1? 1 9 

950 915 jle.ABBMffASK50.-i 915fe JQ7BN ♦ :*1 ' * 

<iy 27 i/iwonfpi Cs. ./ WAW 105. 35 ■ 36 II J 

m ■ 163 IriuyJi S-neaie— ' 170 >3 ! 1.7 35 302 

107 I 65 DtokiuiKS- ■ 80 1+5 24 1 7.7 54 

57 J 38 [ItfikKl Td 5 p ...I SO ' I D75-2B'M 2^0 

45 ] 2b : Da Cm PI 5o .. I 37 > ! 075- ZA -2.9 1/.7 


425 • 
£211,; 
200 ! 
9»< < 
IUH 

5 94 l 

195 i 
345 : 
b37 I 

ay, 

£31 I 
55b 
£59V 
538 • 
510 1 
£296 
» : 


Far West 

304 |BI]m0D'2Sc. -i 

£l?6lBaltf*s R1 

128 'Dffrtraal RO 

581 Doorril ten fin ftl .1 

942 Olrtnfaf in B) . ,— 1 
3*8 CunaumfeGliLSOc - 

114 'Eisowg Rl . — ! 

?Z1 HaiubrctslOc i 

4?4 iKIdsIGbH wrs i 

019 IbanonPl _ -J 

£J8?S«dtoaai50c 1 

J98 5Wfwm50c. — ! 

£41 -Vasi Reels 50c 

280 niemersoDii Rl . .. . — • 
IBS 'WfsIkhAimsRI—. . 
£206 Wevifrn Deep R? — -J 
40 iZamwilOc * 


Rand 

328 .. .. 
CUV-i. 
135 -10 
600 -25 
«0 

348 '-15 
139 -13 
221 [-12 
450 : 

850 -32 

£10* -S 
<03 +3 
£41 -1 
313 

193 

£ 20)/- 1 
W 1-1 


itUSft? 18 1,|^ 


lQBUc'32 ... 
I lC30d 10 1 12 
1*02200 30 '119 
!«PJ0ci ldilflb 
I QllOr U>jl02 
4Q42i2cil01 1 
I toaoci 1 4 111 7 
laiOZK 18 1 ♦ 
l*033fc 18 '12.6 
I QbbOd 10 .1L3 
1 0290/ 15 '233 
:01900c 15-150 
: rQJ40t : 15 :24.9 
1*062)^3X1 * 

I 0b40d 25 1 10.1 
6013^ 10 110.9 


I486 

Hign Lm 


MINES— Continued 

- gr On 

Suck Fnir - rt»l 


Til 

Cff El i 


D.F.S. 


230 138 SfUrafFaTS.! ... „ 

9M 6» F 5 Cim G«50r ... 
2*0 170 FreeSra-eDn 1ft _ 

9b? 594 hjr"uy»50c ... . 
*10 20b L*J« P! . .. 

997 ' 750 Sr hfienjfll. 

Sb9 354 bend 

523 (372 We**rte«Mi<^5ft.' 


143 


15t 12 3« 

67So+!5 ZOlbCc - 81 

130 -L0 015clX 37 
600 -i? C2bfc 0 

208 -5 flJ5c 31 117 

940 -10 Q45Qc 14 174 

445 -3 to:** 1 1 109 

4«br-l3 0224: 10 190 


Diamond and Platinum 


£55 '£32 'Aegis An fa. 5ft _ 
527 ( 312 DfBmr.DISc .... 
490 - 315 Ifc «fePI R5 
710 > 550 imaiis pul 20c. 

b52 / *10 Lvowourg 121.4 

790 1 500 Jtus.Piai.lfc., i 


£50 -2 
465 -10 


CSlfc 10 53 
055c 5.1 ' 38 
375 -<5 02Ofa ■ 173 
600 -10 0135c 1.9 178 
07?t 10 j 46 
TQ90b L4 1 48 


$20 '-IQ 
685 -5 


Central African 

205 j 155 iFsl can 250c . . _ J 190 1 [tfllOOd 28 '21.9 

16 I 10 .»atoifC« 2S1 ..... 14 *C5cl30140 

16 I 12 iZamCarfiSOO 24 12 . -!-l- 


Finance 

I 65 |A)pi Carp St 5] 50 .. 1 73 

f 775 iAto Am Coal 50c ... i 

i 735 'AngbAmrr. Ifc _f 

i EJ8VAng.Am.GdJW.,...- 

!£24 JUgUMbSOc J 

i 11 iKtogauGoiolQp.-.J 
1 80 IfCom Ain O d. ... .J 
1435 Corn GefeFrtto. — 


3J IEauSaifeC*5?..J 
iRl J 


J 560 i&foafK 

>590 •Crncor 40c . _ ■ 

1 IB iGiddABavf 1 Z>ki < 

1700 [GolOFielos5A5c _ J 

■ £49 'Ja'terg Com. R2 < 

is* muuflfWrtjse — i 
545 femora SBOl 40... J 
1300 lN»Wns5fc 1 


1 E1&M1FS Im 1c. - ! 

I 13 .DM Loeooe ISc. ! 

I 06 fiand Mines Rl 1 

1320 IRjnd Mm. PiMb. Rl _l 
i bO iVog*H2>iC ■ 


77S -25 
79S -15 
£43 j-U, 
£30 . . 

16 

BO - 

467 i-10 

e ■ . 

568 .-40 
BIS -10 

730 1 -. 
£62 ;-J 
725 !-25 
579 -15 
32Sfe-25 
ElS^fe-., 

£16 I ... 
320 . 

60 .... 


I 07.5c* 4.4 
: Q240cH * 
l QU6VZ0 
i 01050c 1.1 
103606 29 


:i«5)s: - 

248 L< 

: *01706 U 
j Q195cj28 

iiqisod 20 
: OBTSdU 
i t0105d 18 
' 022b 12 
tOW lb 

i 20,1 i1z 

I 03506 28 
I ObS3 2h 
I Q30d L7 


68 
105 
■ 58 
!10.9 

I- 

iH 

IS 

1“ 
153 
■46 
1 4.7 
'26 
70 
89 


7X 

,6.7 

!U-2 


Australians 


20 1 
25 : 
2W 

II 

17 


71* 5 feWrj-Wml AS020 - 

105" 64 feACM50c 

21 I B WAaaarus Easfa NL J 

Pjj * rtAnSl. HtoPCkltoffS UL j 

81? 4 rtAcrtrakS Mng N.L '■ 

42 1 P^ifAurtweirtlta. NL..J 

19 I 13 (VAntcEjpIn 1 

121? tfOpELilmorji Res l 

230 (135 rtBarrach Mmev J 

■172 50 rtSonaCorp — 

13< ( 89 rtStogjM'xilf 1 Kma > 

29 | Z1 rtBrmnkASi ....< 

348 < 258 4FCBAS2. • 

50 rtCurr Bord 20c. .. 1 

13 rtCenwai Kaigsortie,. ! 
lb ttCertrai Pacilic ... 

I'.eCnmGMUgAfa+.fat I 
8 /fCuKus kti ML A$?_ 
2krt£aq>eCwp 10c 
B ifEawm Prtral Ain_ 

202 '127 MEnverar Mints 1 

9),rt£jfef4rtu-20c I 

jVEnterprneGId 1 

rtForurytti CW t» . .; 
62 I 24 ittGem Lap A Mmenh.i 
460 1315 rtGM KfegooHif 25c . I 

30 I 17 rttreai Victoria Com _l 
' 2 IfWUC AiraNL20c. J 

46 lfHi*iS lonttiats A50Z 1 

27 lyH« Mnerah N.L .... 
15 fpladun Ocean Hrt- - 

U MiranhieGidNL 1 

Ibl/TJasan MtoagSAOXO-. 

31 rtJiegrtUc Mfas 

UuyiulwMmfsNL 

5 HTKaliara Mm 20c J 

6i,k*Kia Ora Gold M.L J 

28 (pKiuAenrr At. ?5c_J 
20 toMeehaiharra25c_i 

14 WMeuhEi 50c 1 

100 PUtllHe«rmN I 1 

50 rtMnramar Mms ZOcJ 

98 VMIU Hugs 40c J 

Z^ttMmeflrthEwlZSc. 


V: - 

84 

B 

5 ■ 

6** . 
31 ; . 
V 
6(,. 

218 .3 
1*6 m—b 
11 ) +1 
2JI.-+V 
282 -6 
50 -1 
16 

231, +1; 
lb 

8 

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I tirli 

♦— i — 1 

i 


I 201d - 

! aacj7 


38 


gQBJ3ei * 

> Q14V11 


015(1 1.7 < 2b 


! £Z 


15«J 9*. 

19 | 13 
37 ) 25 
62 ' 24 


J* 

43 

21 

37 

30 

47 

24 

■HJ 




Ul^FMunlSecs. 5A025 J 


127 

9(, ‘ ... 
13 , • 
33 1 

24 ... 
325 -+5 

25 ■ 
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50 '-I 

27 | . 
17 J . 

fi V: 

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28 

22 . . 

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Ul +1 
56 . . 
98 -2 

3 


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=JE 

-Jz 

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23 


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905d 


iReskL4S02J 

BO kFNnrth B HIM 50c. —I 

30 Mtn. Kaigirll 1 

3? feOahbrfegr 50c. [ 

17 tanner EuTn.NL 

79 jvPaecanri2Sc _h 

VJpTmagOD Hestons NL 
, 4$ Iparmga MnglEup Sa . 
1210 tafPeko-WaHsenl 50c . 

9 pPehan Res NL , 

7iJVPorlman Mining J 

, 10 TfOaeea MargamGakl.J 

1232 MReusoeSOc 

, eyfSamsoq Expra NL J 

M3 TttSOBsGwalaNL , 

U lfSttm.GoUab.te | 

bUWSoumrt* Pacaic — 

4b IfSoulheni Res 

3 IPSafevra Vmtnrft 25c 

■i fetffczi 

14 TfTtam*sMnmgAS025 
. 45 IflM Gidfeiete NL __ 

Z1>J 13 [fWert Coast 25c J 

■‘1 6 jfWeHfro Cond 25c 
143 nVegm. Ummg50c_ 
96 Wtooi Creel. 20c 

22 IfWnfesar Res NL 

4>^fYork Resources.-. .-I 


1-1 


20 
M 
30 

32 
17 
79 
U 
50 
210 
20 
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l-l 


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250 

S 

170 

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13 

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143 

96 

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TQlQc 

tQUc 


18 


33 


28 




Olid ♦ 


ar 


Tin* 

135 ^rer HAOTSMl- 

40 iGopeng BerhM M5050 .1 

650 wnjanq 

17)4tMJrl?>rt> 1 

150 Pengkalf" 30o J 

90 PrttomgJMl 

95 fiugee Bed 5M1 . 

100 tTaetonglSp 

75 FTrpPQhSMl 



»QU5dl8 


■ v T 1TJ 

.... 

950X61 • 

; 

jjd 6 

-1 

T*g24 


vQ&oJ 02 

:::: 

rQ45a 08 


129.7 

ll4 


168 

t 


178 

* 


13J 


51 

260 


MisceDaneoas 


2b KSeoSoST! 

45 WCottfltaCorp 

200 tans. Munb. 10c 

28 IS&anln. IrlOp — 

70 treemmeh Rm 

93 IHamppM Areas lOn— 

US kfHigbvroooRes - 

£19U £13 Womesuke Uimng D.. 
180 IfMcFInle* Red lake- 
195 IfMidUi EutorauarB...! 


37 IfNew Safaru KaCSlj 


ZU IHorthgaeCSl . 


790 1513 RTZ 

at* £U5 < Da9)#cLa 4M000.J 
950 1800 IfTaraEuUSl J 


200 

38 

215 

(&3fel 


_ 

_ 

+2 dLOS 

♦ 

-10 W9h^ 

3.9 

*3" 



-2 63.75 

69 

-i- •* 


-5 - 

-5 22ft 

28 


158 


4.7 

172 


NOTES 


Ufa r u ntntr+wn indlcWM. pnen and nrl d+wnds are m panen and 
deaomautmm art 25e Esumaird encewammgi rarms ana nn+n »+ based 
on Umk unual reports art aczamts arm. wbetv Mxaflde, we udfeed nn kaH-. 
J*ari» llgorev tots Mt Ulcidano mi "ner dntrfamen Hs>\ Mndnps pc* 
dare being ampuUd on prt>M after uunoa am) wrrtieeed ACT artete 
appiiUble; kracicrird Ikgures mdcaie 10 per cent «r more fe ft er e ee f 4 
cafcniattdoo “n<" dwrfanion. Ctoeu ire based on “imHuirt dWribpalee; 
Pus Gompam grass pnndMid coat in pro! ft alter uuwn. HCt artlng 
nemuoap prahts/msses bu ncung ntmuud frt ml at feheuaHe ACT, 
Viett are uaw« to naodfa prices, are gross, adnded to ACT of 29 per cert 
and oBom lor rate fa dfclarnf iswfawan and rqnti. 

• "Tap Stocv. 

■ Hlgtis ud Lows marked thus bate ken rtUdtuduaDart fw rtgtattsm 
far cask. 

t inert an once increased or resumed. 

I Interim imor redioni parwd or defened. 
tt TaiHree in iw+ w nts mi apfacaunn. 

• Figgres or ream (maned. 

V Mar aHicufar U« lislrd: deauegs petmeted entor Rule S35(4)U>. 

9 USM; wt I rated to Stock Eadagr and camper apt sfegreaed fa sm 
degree M regaMUon as tnutt seconues. 

U Dealt m andrr Rule 535.31. 
d Prtte a! lime fa oivJfwVon. 

« lifeUaMddmidendarter natidmpMrtPrtfefar wgtos tone; n ia r a kM Sb 

prenous dnoenff or toman. 

4 Merger bfe or reorrtunaiion oi prsgrass. 

6 MM nxMHHaUe. 

f San, menirr tedec e d ftnal and/or red u ced earned* IndkaM. 

• Forecan dMdwd. cover on eanwMs apdfeed b* Been WmmiuwtedL 
t Ctotr feloms (or comenrce fa fan net dtoi rariueg ter dfa feendl to 

ranking o*» tor mrsird atntcvO. 

A Gator does not anom tor tan *rt*Oi mar ate rank far din dn fa m a 
hnm« dale Ho PtE raua Mualfa pranded. 

H Mn par rate 

B Fr. Bdfgun Francs. Fr. French Francs, if yield based m assmubto 
Trftswy Bill Rate stays Hnketni imtH minty fa stack, a l —fart 
dmoenL b F mures based oo p rospec tu s oe other offer e suna te. c Ceres, 
d Ontend rate pafe or payfede m part fa caenaL cater bated m dMdnP en 
tun c ante, a Rreemprito nelp. r Ft* yield, g Asumed dn n dend add yfafe 
ktosamMfartdrndanareldalierscrlBisurr i PatmeM Irfan capital sna re rs, 
h Kenya, m Udertm tog her than prttfeto local, a Rights Mae pcnfert- 
4 Eanengs based an ikrlrtmar, H»arv s Dmaend and yiefa esekfee aspecud 
payment- 1 inoicaud oinotna. carer reuses id ptermas Pnndead, P>E raua 
based to latest amai earangs n Forecad, ar esumaud 1 


rate, coaer Cased an pmioat year's eamngs. v Subject to feai UN. 
> Oindenp co*e< in t«ni fa 100 imn » Dmd*nd and >ield based pa inmgti 

terms, r Onmma and r*efa mewde a weaai natmrM. Com Poes nor anfay in 

toeoal payment A Nn dfaidend and yieta 8 Preference omdHfe passed nr 
deferred. C CtaUan £ Uuunum lender orcr F Diwdend asmtad based on 
pmsmtet gr ffkrt MtKDl KUnaifa la 1984-85. 6 Awaaied fandod and 
yield alter prates stnp anao* ngits issue H Dmdena and yield hand on 
presaectus or other olt nal ruinates to 1996 K F.garrs based to prospectus 
or official estimates lor 198* l CcirtiaiW mrufaraen mwilend, Oner ana p(e 
based oa latru amal rsnhw. M DuMtend ana vteU based to prosaecfav or 
utter olticu] eamatnlor 1485-Bb N Diseiena ana yield based on pnnpeon 
or other otiirvji ramuirv to* 1*85 P F Mures based on Pipsardns or after 
official euimates Im 1983 8 Gross. 8 Forrca'i anouafned i 


Ctotf 

and pie based on orowaat or ottwr oftmai evunan- T Figures m ated. 
2 Diridend fatal U cate 

AHmiatmr. a e> mnond. a e> tcr« issue, ir ei ngntv ties all, at ex 
carnal tMrdulion. 


REGIONAL & IRISH STOCKS 

Tiie tpMowng is a select c* Regional inn ir.vtt st«vs, the latter kemg 
pi-olrp .1. Ir-eh C-arrefaTi. 


Anany Im 20b j 123M .. 

Craig*Row£J._i Q3 . . .. 

Fmianr Fkg. So i 44d 

Holt 1 Jw) 2Sp 1 790 

H)MSim.U > 90 


FnLl3N97<02.— . .(EttSSI — 

Anions 343fe! 

CF>I hit*. 58 

Cknot Inds 190 


IRISH 

FsftdII'.S 1988... £UB4i'+*s 

NaL9VN84-B9 -ODlV-rt 


DsfehnO® . 53 • 

HtfUR.fcHF 75 -5 

He. ton Higgs ' 36 +2 

lrdhltop« ' in , ., 

UtoUre 195 ... 


“ Recent Issues " and 11 Rights " Page 38 
(International Edition Page 32) 


TMs service is sefthUe to every Ccnuit Befet in on Stat 
EiEtanges threagiwtrt the Untod Kingdom tor i tee ft £875 m 
umn lor cadi secority. 



■ Rabbi’s son 
«d an houx 


deni 


■s in an oper 
interests n: 
ezi in mint 
subject a 
old be in 2 

sed capital 
petition iasl 
itain's RAF 
iiitary train- 
company 15 
oombat air- 
conjunction 
opanies and 
‘lop a light 
ghter plane 



































38 


Financial' i 



LONDON STOCK EXCHANGE 

• !. : - -‘-v ■’ \ •‘ri- - 

MARKET REPORT 


RECENT ISSUES . 


Account Dealing Dates 
Option 

•First Declare- Last Account 
Dealings tions Dealings Day 
Apr 28 Slay 8 May 9 May 19 
May 12 May 29 Hay 30 June 9 
June 2 June 12 June 13 June 23 

• ** Nawtkm ” dealings may take 
pises from 9-30 am mo business days 
earlier. 

London equity markets wilted 
afresh yesterday. Further ner- 
vous offerings in the aftermath 
of NatWesfs mammoth call 
found the market unreceptive 
and after the first couple of 
hours or so of trading the equity 
sectors began to look rather 
Jaded. 

Investors found little comfort 
in the late overnight surge on 
Wall Street and a small mark up 
in bue chip industrials at the 
opening served only to bring out 
sellers. 

There were a few signs of any 
substantial selling pressure, hut 
with underlying sentiment still 
very -sensitive, the tooe 
gradually deteriorated. 

Quarterly figures from the two 
Oil majers, Royal Dutch /Shell 
and British Petroleum, failed to 
excite the market. Elsewhere, 
Grand Metropolitan produced in- 
terim figures at the top end of 
expectations, hut these also met 
with little response in the sur- 
rounding gloom. 

An early setback on Wall 
Street yesterday maintained the 
downward pressure on the 
leaders and the Financial Times 
Ordinary share index which 
posted a gain of 3.9 at the 

10.00 am calculation ended the 
day with a fall of 17.4 at 1,302.6 
making a two-day Ipss <of 38.6. 
The more broadly based FT-SE 
index, down 29 points on Wed- 
nesday, dipped 18.9 more to 
dose at 1,575.7. 

Government securities 

remained under the influence of 
the US bond market. Long-dated 
Gilts opened around } a point 
lower, but initial falls were soon 
reduced by an & or so. However, 
the small rally proved short-lived 
as tiie announcement of an un- 
expected 0.2 .per cent rise in US 
industrial production triggered 
off an early setback in American 
bonds which in turn put renewed 
pressure on domestic markets. 
In the event, long-dated issues 
finished with falls extending to 
2, while the shorts ended up to 
i lower. 

Demand persisted for Chinese 
bonds on debt settlement hopes, 
with the 5 per cent 1912 improv- 
ing 6 more to £40. 


Equities wilt again and FT index 
records two-day fall of 38.6 


showing 

coupled 


Bk Ireland fall 

Acutely disappointing annual 
profits from Bank of Ireland — 
some £7m below market expecta- 
tions — which came hard on the 
heels of NatWesfs record £714m 
cash call on Wednesday, gave 
the banking sector a further 
sharp knock. Bank of Ireland 
plummeted 45 to 460p and took 
Allied Irish down 18 to 220p in 
sympathy. NatWest meanwhile, 
touched 745p before closing a 
further 20 lower at 750p, for a 


two-day decline of 105. Barclays 
lost 10 more to 502p as did 
Uoyds to 5S2p, while Midland 
softened a couple of pence to 
553p. Elsewhere, Standard Char- 
tered reflected fading hopes of 
an increased offer from Lloyds, 
or counter bid, closed 17 lower 
at 798p. 

Lloyds Broker Willis Faber, 
recently supported on hopes that 
Morgan Grenfell, the merchant 
bank in which it holds a near -25 
per cent stake will soon get ji 
public listing, closed 10 higher 
at 462p, after 474p, following 
late confirmation that an MG 
listing is in the pipeline. C. E. 
Heath's annual results were in 
line with expectations and the 
shares moved up 8 to 610p, while 
Dewey Warren advanced 10 to 
121p, after 125p, on the an- 
nouncement that Harvard Securi- 
ties had increased its stake In 
the company to nearly 9 per 
cent Among Composites, Royals 
advanced to 965p in initial 
response to the mucb-better-Jhan- 
expected first-quarter profits 
before reacting sharply on profit- 
taking to close only a penny 
dearer on balance at 932p. GRE 
came on offer at 867p, down 23p, 
while Sun Alliance relinquished 

12 at 7I0j>, after 732p. 

The absence of investment in- 
terest left leading Breweries at 
the day's lowest. Bass dipped 

13 to 755p. while Allied -Lyons 
feU A to 322p. Whitbread ** A,” 
scheduled to reveal preliminary 
figures next Wednesday, shed a 
few pence to 275p. while Guin- 
ness closed 6 cheaper at 307p. 
In contrast, Faux advanced 15 to 
440p following bullish notices 
emanating from a broker’s 
lunch. 

Leading Buildings followed 
the general trend, although one 
or two construction issues made 
progress on talk of forthcoming 
brokers' circulars. AMEC were 
finally 4 dearer at 267p and 
Taylor Woodrow, additionally 
boosted by vague bid rumours, 
touched 633p prior to closing 5 
higher at 625p. On the other 
hand, Barra tt Developments shed 
8 to 156p on profit- taking. 
Among the second-liners, Hen- 
derson Group continued to 
respond to the confident state- 
ment which accompanied the 
annual results and rose 7 to 
22Sp, but Aberdeen Construction 
shed 8 to 252p upset by the pro- 
virion for a further loss off 
£960,000 included hi the prelimi- 
nary figures. Handers, a firm 
market recently on speculative 
demand, ran back 10 to 243p, but 
Wiggins Group gained that 
much, to 64p. 

ICI reflected a lack of support 
and closed 22 lower at 895p. 
Among other Chemicals, Anchor 


FINANCIAL TIMES STOCK INDICES 



May 
lb ; 

May 

14 

May i 
13 

; 

May 

9 

May 

0 

year 

aSO 

Government Secs.— 

91.9® 

93.43 

91.87' 

91.60. 

92.2® 

92.55. 

80.37 

Fixed Interest 

B6.BB; 

97.10 

96.8a 

96.8® 

97.24 

96.83 

8S.58 

Ordinary * 

1503.6 

X320.0 

1341.2 

1330.5 

1330.3 X336.9 

1012.6 

Gold Minas 

844.3; 

251.0 

253.6 

S5B.li 

258.4 

256.6: 

488.8 

Orel. Div. Yield - 

4.34- 

4.14 

3,95. 

4.07 

4,07 

4.05J 

4.68 

Earning*, Yld. %ifull) 

10.46 

10.26 

9.82 

10. 19^ 

10.20 

10.09- 

11.50 

P/E Ratio (net) C) — 

11.69, 

11.93 

13.45 

11.99; 

11.97 

12 .11 1 

10.60 

Total bargains iEst.1 

26,381' 

36.798 

24,857. 38,603 26,811 

26,818 26,740 

Equity turnover £m. 

— . 680.93 

676,43 498.72 675.43 598.74 44S,67 

Equity bargains* 

— . 33,530 

34,567 25,530 30,769 26,635 33,626 

Shares traded (mi ... 

— 1 

295.1 

374.1. 

345.9 

312.2 

275.3 

246.3 


9 Opening 1320.8. 10 am 1323.9. 11 am 1323.5. Noon 1316.2. 1 pm 1311.2 
2 pm 1308.1. 3 pm 1307 7. 4 pm 1304.4. Day s High 1224 4. Day's Low 
1302.1. Bans 100 Government Securities 15/10/26. Fined interest 1928. 
Ordinary 1/7/35. Gold Mines 12/9/55. Activity 1974. Latest Index 
01-246 8026. • Nil =11 .29. 


HIGHS AND LOWS 


SE. ACTIVITY 


— 

1986 

Since Co 

mpHal'n 


High 

Low 

High 

Low 

Govt. Secs, 

94.81 

(16/4) 

sa.39 

120/1) 

127.4 

O/lfUl 

49.18 

(3/1/73) 

Fixed Int... 

97.61 

i2/4> 

86.55 

(23/1/ 

150.4 

(28/11/47) 

50.53 

(3/1/731 

Ordinary ... 

1425.9 

li|4) 

1094.3 

lMM> 

1435.9 

<5/4/88/ 

49.4 
: 26/6/40) 

Com Minas 

as 7.0 
l27(1> 

244 J 
(8Dr4> 

734.7 

(13/2/83/ 

43.5 

;2B/10/71) 


INDICES 


May 

14 


May 

13 


Daily 

|G*lt Edged 
Bargain*.... 
Equities 
Bargains.... 

Value 

SdayAveragOi 1 
Gilt Edged 
Bargain*,... I 


163.6, 

159.4 


1376.51 J 165.1 


144.1, 


Bargains... -i 169.H 173.0 
Value 1 1386.51 1257.9 

I 


156.6 

159.3 


139.0 


rase 10 to 235p in a restricted 
market, but Yorkshire Chemicals 
shed 5 to 120p. 

Cecil Gee buoyant 

Most retailing issues con- 
tinued to give ground in sub- 
dued trading. Woolworth. 775 p. 
and W. H. Smith “ A," 278p, feU 
10 apiece, while Gussies “A" 
dipped 15 more to 965p. In con- 
trast, Cecil Gee spurted 20 to 
120p, after I25p, following a 
broker’s bullish circular while 
Press comment lifted Body Shop 
10 more to 640p. Scattered offer- 
ings left Next 6 cheaper at 254p. 

Thorn EMI, unsettled of late 
by reports that its troubled 
Inanos sudbi diary is on the verge 
of closure, rallied to 465p '.■'-•ore 
closing a couple of pence dearer 
at 459p following news of the 
launch by Inmos of a new com- 
puter system. Other Electrical 
leaders drifted lower for want 
of support. BICC lost 8 at 315p 
and British Telecom, still 
plagued bsr Mercury Communica- 
tions competition worries, gave 
up 2 afresh at 226p, after 224p. 
Elsewhere, Amstrad jumped 25 
to 532p, after 540p, as investors 
reappeared in the wake of its 
denial of any plans to bid for 
BSR; the latter touched 135p 


FT-ACT U ARIES SHARE INDICES 

These Indices an the port comprtatfai off the Financial Times, 
the Institute off Actuaries and the Faadty of Actuaries 



EQUITY GROUPS 

& SUB-SECTIONS 

Thors May 15 1986 

Weds 

¥ 

Moa 

’S 

Year 

ago 

Ugaut) 

Floats la parentheses show aaitar of 
stocks per seettea 

Wes 

No. 



Gross 

Dir. 

YMI% 

UCTat 

29%) 

EsL 

HE 

Ratio 

(Net! 

| 

lodes 

No. 

Mn 

Mo. 

B 

lata 

No. 



714.70 

-87 

833 

339 

1U-91 




717.91 

78943 

55423 

52733 

2 

MkflngMatertofs(26) 

79680 

+81 

853 

350 

14.73 




0 

4 

Contracting, Caastnicthai (29) 

FlectrfH»*«fi5ri . ... 

119341 

1936J9 

-84 
— L2 

82* 

745 

3.92 

891 

1640 

1735 


'Ktr 

S 

r* 1 rr .1 

rrTT’i 

74246 

15033 

163540 

5 

FbrfmWxtffn 

163056 

-u 

893 

279 

1447 

874 

164440 

f+n* 

1657.97 

40459 

35802 

6 

MedaNcal Engineering (63) 

40UI 

-84 

938 

349 

1357 

577 

40746 

rtt? 

s 

Metals and Metal Fbnuiiig (7) 

Untar firn... 

35157 

BBSS 

-89 

-U 

743 

940 

443 

336 

1749 

12.97 

435 

333 

35443 

28848 


19540 

30 

dthrv ImhNtrial Uatariak fiWl 


— L6 

634 

346 

1896 

1348 

rnif .11 


1304.72 


71 

C0NSUMEB GROUP (183) 

r * 

-L0 

748 

32Z 

15.92 

838 

89243 

98143 

89223 

66285 

602.73 

512.90 

161842 

10*836 

69046 

178344 

22 

Rmm and DkfilUre 1221'.. .. 

913.96 

-13 

922 

343 

1U* 

720 

92835 

W623 

91850 

25 


CS0.97 

-89 

938 

3.94 

1445 

837 

65740 

66541 

65437 

26 


184289 

-89 

627 

253 

2L70 

7.73 

105898 

187449 


27 

Health and Household Protects CU»_ 

U8L89 

es&m 

-UB 

-82 

545 

82* 

226 

431 

2843 

1545 

652 

MSI 

150246 

85749 

149647 

86878 

147826 



BSSl 

-82 

-88 

737 

758 

445 

347 

17.79 

2842 

429 

233899 

IMA? 

236554 

236531 



459J2 

34 


84247 

-12 

648 

236 

19.98 

527 

452 

MU 

rrtn 

rrrtH 

86841 

516.93 

186897 

£££ 

51449 

107042 

63655 

32044 

05443 


50955 



36 

TnhMKffl 

193955 

-88 

13.73 

449 

u* 

10*749 







1446 

638 

16.72 

78348 

873.78 


fV Ir'j 

n 

42 

Chentats{19) 

858.99 

-17 

1046 

472 

1138 

88251 

757.95 

44 


26930 

+82 

725 

327 

m ah 

■ Ml 

26864 

27&40 

27836 

18843 

217548 

45 

Stifpring ml T ra“Fpoft G 

15*OM 

-82 

848 

3.95 

1436 

ZL67 

899 

£23 

154352 


153532 

47 

48 



-89 

-89 

937 

634 

348 
. 329 

1443 

1938 

mu.** 

101964 


1009.98 


67343 

49 


1-,M 

-89 

J Tm Niy. l MFF7 \ l - ; n.- .Jl w r. > 1 

65749 

51 

Oil 4 Gas (17) 


rzm 


■sn 

mm 

E0 

Ink'll 

Ena 


1194.91 

59 



asm 

mm 

mm 


ESI 



rnn 

70248 

a 


593.95 

62841 

-88 

—US 

1865 

439 

540 


mm 

59875 

Fttti 

60746 

67634 

47657 

47431 

73635 

35643 

115135 

23341 

65 


80801 

-81 


452 


1727 

80840 

a im 

66 


49947 

-13 


435 


8uO0 

50831 

mrri 


67 


1210.96 

+U1 

844 

3.91 

1999 

2859 

rrrTTi 

PiTTri 

68 


35247 

-89 


348 

— 

168 

355.93 

35554 

69 

70 


74966 

346.71 

-83 

554 

734 

352 

427 

2945 

15X1 

433 

247 

74879 

34740 

74885 

34826 

74641 

34896 

64239 

28654 

71 

ms •AWXuvziTzmmmimm 




_ 

K71 

__ 

528 

75020 

74860 

74537 

60249 

81 


r'>X 1 1 

-12 

1244 

554 

938 

631 

29130 

291.47 

28643 

68433 

29044 

665.79 

91 


tY'i -j 

-89 

1244 

5.97 

949 

1122 

69810 


99 



CHI 

— 

Em 

■91. 

KEH 

fct '■*.>*! 



64892 





■lirJI 

Day's 

Lon 


May 

13 

■57 

T 

a 

ago 

. 

FT-SE 190 SHARE INDEX f 

1575.7 

-186 

160821 

19753 

15943 

16233 

16034 

16014 

16024 

13363 


FIXED INTEREST 


NKC 

muiCES 

Thai 

May 

15 


Weds 

MV 

14 

B 

Mug 

1986 
to due 


British tonnaatet 

POT 





i 

5 yean. 



12449 

— 

458 

2 

5-15 yean 

M6J9 


14648 

— 

458 

3 


1M11 


15444 


547 

4 

irredeemables. — 

17138 

-857 

17235 

_ 

647 

5 

All stocks 

mn 

-835 

14151 

— 

441 


hxfara-Uahed 






6 

5 years 

11341 

— 

11340 

— 

041 

7 

Owr5joare 

11895 

-042 

11858 

— 

LZ1 

8 



-802 

11849 

— 

134 

9 



Ed 


— 


10 






2.97 


AVEBACE MOSS 
OEBEMPIieN YIELDS 


IB 


Low 5 

15 
25 
5 
15 
2 

High 5 

Capon 15 

25 


yean. 


years.. 


Cogxxrt 


years 

yean 

mn. 

yean. 1 

1 - 


M wUMri 

I nits' n rate 5% 
Infix'll rate 5% 
Inflat'd rate 10% 
Intern rate 10% 


5yr*..| 

QyerSyn... 

5 in.- 

Owr 5 yrs.-J 


Debs A 


Prtfcrm. 


5 years. 

15 jean j 

25 years—. 


Thus 

$ 


7.7* 

Am 

U6 

BBS 

US 

US 

U7 

MB 

UD 


138 

126 

232 

3J2 


1040 

law 

MB 


10.72 


Web 

Sr 


749 

846 

MB 

842 

MB 

MB 

&% 

UB 

9JO 


137 

126 

230 

in 


1042 

law 

195 


1072 


Year 

ago 

tippet) 


1073 

1047 

1043 

1178 

1148 

1847 

1177 

1133 

1042 

1BW 


MB 

040 

040 

1X0 


1228 

XLU 

1171 


WJH 


♦Opoaag iota 1596A- Maw 16002; 11 m IMflft Noon 15690; 1 pra 1584.7; 2 pm 1582L0; 3pm 15787; 330 pm 15753; 4 pm 1576.9 

t Flat yield. Highs and iowa rvoird, base i^bd iue w di*nges are published h Sal 

is available fran the PaMsben, (be Firemen) Time* BraikM Honk, C anaan Street, London I 


y bares. A new Bst of constituents 
>4BY, price 150,1* put 2Bp. 


before closing a few pence off 
at l25p following confirmation 
that the company is seeking a 
pu-«Jc listing for its UK-based 
electrical accessory and en- 
gineering businesses. Vague 
rumours of a possible bid from 
BP left Telephone Rentals 4 
better at 216p, after 22fip, while 
speculative buying lifted Elec- 
tronic Machine 12 up at 84p. 
Wayne Kerr closed 7 higher at 
SSp following the AGM, but Air- 
Call came on offer at 240p, down 
20. 

A mixed trend was evident in 
Engineerings following a quieter 
trade- Davy Corporation 
reflected revived takeover hopes 
with a rise of 6 at lOOp. after 
lOtp, while Bromsgroie In- 
dustries put on 7 to 102p for the 
same reason. Hall rose 8 at 206p, 
but Glynwed declined 12 at 378p 
and Porter Chad burn relin- 
quished 7 at 280p. Among the 
quietly dull leaders, GKN 
cheapened 4 to 331p. 

Food manufacturing issues 
gave ground across the board. 
Tate and Lyle and Rowntree fell 
8 apiece to 562p and 492p 
respectively and Cadbury- 
Schweppes drifted back 4 to 
167p. Acquisition news left 
Unigate 7 cheaper at 260p. Else- 
where. Sara porter were outstand- 
ing auod touched 213p, prior to 
dosing a net 20 higher at 210p 
in the wake of sustained specula- 
tive buying interest Fresh bake, 
a strong market in recent days, 
■moved up to 97p, but eased late 
in the session to dose only 2 
firmer on balance at 92p. Barker 
and Dobson hardened a penny 
to 15ip on investment buying. 

Interim profits at the toip end 
of analysts' forecasts saw Grand 
Metropolitan move up to 408p 
before profit-taking and the 
widespread setback throughout 
equity markets left the shares a 


net 3 lower at the close at 400p. 
Falls in the region of 4 were 
common to Trust House Forte, 
150p, and Ladbroke, 31 7p. 

Beatson Clark wanted 

Quietly dull trading condi- 
tions prevailed among the 
miscellaneous industrial leaders. 
Metal Box dropped 14 to 720p 
and Glaxo reacted 13 at 907p, 
while BTR, after the AGM, ended 
8 off at 306p. Trafalgar House 
gave up 5 more m airing a two- 
day fall of 13 at 299p on rt t uurls 
that the company is facing legal 
action from Britoil for the late 
delivery of an oil rig. Elsewhere, 
Beatson Clark attracted specu- 
lative buying fuelled by take- 
over rumours and the close was 
23 higher at 228p. Expansion 
hopes continued to underpin 
NMW Computers at 355p, up a 
further 15. while Blue Arrow, 
current bidders for Hoggett 
Bowers, put on 6 at 376p. Best- 
wood, on the Country Gentle- 
man's Association bid situation, 
closed 30 better at 550p, while 
improvements of a penny and 3 
respectively were seen in AB 
Engineering, Hip. and Rexmore, 
3 Op. 

Good interim results and an 
optimistic statement prompted 
support for Radio Cycle which 
put on 3 to 40p. 

Secondary issues provided the 
significant movements in Pro- 
perties. Speculative demand was 
forthcoming for Dares Estates 
which touched 15}p prior to clos- 
ing 2} up at 14ip, while Edmond 
Holdings gained a like amount 
to 26 Ip. USM-quoted York Mount 
advanced 6 to 60p, while Mailet 
Estates rose 10 to 345p in a res- 
tricted market. Warner Estate 
were finally 15 higher at 85Qp 
following the good interim 
figures, but Abaco shed 3 to 53p 
and Rosehaogh lost 15 at 575p. 

Proceedings among Textiles 
again centred on Ireland's Sun- 
beam Wolsey which advanced 10 
more to 116p, after 125p, fallow- 
ing a bid approach from John 
Crowther, unchanged at 132p. 
The latter confirmed the pur- 
chase of around 21.5 per cent 
of Sunbeam's equity from Pana- 
manian concern Namaval at just 
over 105p per share. Elsewhere 
in Textiles, buyers displayed 
fresh enthusiasm for Textured 
Jersey, finally 8 to the good at 
174p, but disappointing prelim- 
inary figures left John Foster 12 
cheaper at 88p. 

Shell move ahead 

Oils made a bright start to 
the session following first 
quarter results from Royal 
Dutch /Shell which were given 
a good reception. Shell, standing 
at 765p immediately prior to 
the figures, subsequently im- 
proved to 783p before coming off 
later in the day to close a net 
8 to the god at 773p. The easier 
trend in the afternoon was attri- 
buted to the general retreat in 
equities and to a lesser extent 
to first quarter results from BP. 
TOe latter touched 573p during 
the morning but *ell away to 
close 10 cheaper on balance at 
553p. Britoil dropped 9 to 176p, 
LASMO 7 to U8p and Ultramar 
S to 175p. Among secondary oils 
renewed speculative support 
lifted Century Oils to 109p be- 
fore a close of 106p, a net gain 
of 4, while Irish buying boosted 
Conroy Petroleum and Natural 


Resources a further 7 to 77p. 

There was litle respite for 
lv depressed mining 
Another lack-lustre 
by the . bullion price. 

with ■ persistent small 

sani-ng caused a gradual decline 
in Golds which registered Wide- 
spread fails before edging off. 
the day’s lows In late trading 
following bear dosing. The Gold 
Mines Index gave up 6.7 more 
to 2443, its fourth successive 
de cline . Bullion dosed a net 50 
cents easier at 3342.25 an ounce. 

Leading. Golds showed. Vaal 
Beefs a point down at £41 while 
South vaal dipped 5 to a year’s 
low of £182. Drlefautein fell 50 
to 950p, Hartebeest retreated 12 
to a 1986 low of 221p and Deed- 
kraal lost 10 to 135p. 

The latest slide by Golds 
spilled over into South African 
Financials and Platinums. In 
the former group De Been 
settled 10 cheaper at 463p 
“ AmgoM ” were £H dawn at 
£43, Genbel gave up 40 to 560p 
and “ Amcoal” dosed 25 lower 
at 779p. 

UK issues were additionally 
weakened by another general re- 
treat in domestic equities. Con- 
solidated Gold fell 10 to 467p, 
HTZ 5 to 653p and Hampton 
Areas, in receipt of a 130p 
share bid from Australia’s 
Metals Exploration, were a shade 
easier at 140p. 

The threat of drastic cuts in 
public spending following the 
recent poor trade- figures and 
subsequent sharp fall In the 
Australian dollar gave a severe 
iolt to overnight Sydney and 
Melbourne markets. Golds, how- 
ever, resisted the trend reflect- 
ing the benefits to gold miners 
of a falling Australian dollar. 
Gold Mines of Kalgooriie and 
Central Norseman rose 5 apiece 
to 325p and 323p respectively 
while Sons of Gwalla edged np 
2 to 170p. CRA put on 6 to 282p 
but Peko-WaUsend lost that 
amount to a year’s low of 210p. 

Traded Options 

Business in Traded Options 
was almost equally divided be- 
tween calls and puts. Total con 
trams transacted showed 8461 
calls and 7,626 puts with the FT- 
SE 100 accounting for 804 calls 
and 1323 puts. For the third 
consecutive session, activity 
centred on Lonrho positions 
which contributed 1,411 calls and 
270 puts. 

TRADITIONAL OPTIONS 

First Last Last For 

Deal- Deal- Declare- Settje- 

lngs tugs tlon ment 

May 6 May 16 Ang 7 Aug 18 
May 19 June 6 Aug 28 Sept 8 
June 9 June 20 Sept 11 Sept 22 
For rate indications see and of 
Unit Trust Service 
Call options were taken out in 
Wace, Five Oaks, Stock Conver- 
sion, Davy, Pepe, Greenwich 
Resources, Ahaeo Resources, 
Chloride, G- VL Firth, Sound 

Diffusion, Mnemos, Pressac, 
Barrie Investment and Finance 
and FobeL Puts were struck in 
Polly Peek, Ipve Oaks, Wellman 
and Air Call. No doubles were 
reported. 

RISES AND FALLS 
YESTERDAY 


EQUITIES 



FIXED INTEREST STOCKS 




British Fund* 

Corpus. Dam. and 

Foreign Bond* 

Industrials - 

Financial and Prop*. 

Oils 

Plantations 

Mine* 

Other* 

Totals .......... 


Rises Falls Sams 

3 

90 

20 

7 

10 

44 

250 

37B 

B59 

77 

09 

400 

21 

22 

77 

1 

0 

14 

14 

64 

raz 

61 

01 

78 

430 

781 

1.082 


ban 
Price 
£ . 

MoM 

_u*ot 


V ~x\ 

ss? 

dp 

Dade' 

MW> 

Law 



99.999 

48527 

£25 

FA. 

un 

1 M 

m* 

2074. 

. Wk 


■-J76- 

Wti 

«U0 

SL 

97.963 

Tf 

uAn 

10 CP 

#99.951 

DO 

OB 

ft. 

£25 

FA. 

FA 

<25 

F.P. 

MB 

W 

ZW0 

smo 

295 

MS 

Wl 

'320 . 

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vBFW 

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b8( IritaTVU tm-Cmt UM. ML _ l_ 
M9KC2DKl9UM.Dte25^_l^_ 

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HsIhIWMNU- 

% 


+» 


t 


3 


"RIGHTS’* OFFERS 


330 


222 

125 

400 

309 

113 

900 

705 


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W 


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pb raft baud m pmrpsctm ar star 
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■DU®, it Forecast, or ffHhuteJ NaaM dMW rRt ujou tmaa m m jo_uL^ 

SjgSSgAa^ 


NEW HIGHS AND 
LOWS FOR 198© . 

NEW HIGHS (73) 

FOREIGN BONDS P) Chinas* 4>*pc 
1898. Do Epc 1012. Do Spc 1913. 
AMBUCANS (2) Sparry. WooTworth; 
CANADIANS (1) Mutty-Farsinan. 
BANKS (1) • Cla Bancaire. BUILDINGS 
P) Fadaratsd Housing. Halical Bar. 
WiBaina. STORES (4) Body Shop, 
Goldamittis. S & LI Stores, Warahoui*. 
ELBCTRICAL8 (5) Bsctronfc MacWn*. 
Emasa Lighting, FKI. Kodo lift- Tala 
Rentals. .BttGINEERING (3) Christy 
Hunt Concentric. SUvelay Industrie*. ; 
FOODS (3) Fresh bake Foods. Pftfc 
Food. Somportox. HOTELS (2) Crusts, 
loM Enterprises. INDUSTRIALS (18> 
Allied Plant Assoc. Brit. Engng., Do. 
Spc CumCnvPrf, Boatson Clsric. Bast- 
wood, Black (P.), Holden H yd roman. 
Johnson end Jorgansen, Myson, Nu- 
Swilt. PSM Inti.. RFD. Rely on. Sones- 
■on (W.) AB. Westwood Dawes ‘ A’ 
Worthington (A. J.}. INSURANCE (1) 
Royal Insurance. LEISURE (2) Leisure 
Invt., TVS N/V. MOTORS (1) Volvo. 
PAPHI (2) Ferry Pickering, Olivas 
Paper. PROPERTY (4) Dares Estates, 
Mailer Estate*. Warner Estates. York 
Mount. TEXTILES (4) Lowe (Robert H.J. 


Sakera Intel.. Summer (F.l, Sunbeam 
Wolsey. TRUSTS (O) Cambrian and 
General, Do. Cup.) Drayton -For East 
Warrants '82-91, Investing hi Success. 
Jove lev. Cap,. London tt Gartmore, 
Murray Smlir. Markets * B,’ Murray 
V sutures. New Court. Scottish Inv.. 
Stockholders Far East, Strata Investe., 
Investment Compeny. OtLS (3) Cantury, 
Conroy Petroleum. Hunting Petrotouin 
lOpcCnvLn .’S7.: ' ;1 '■[ 


: - JtfEW LOWS (41> .. 
AMBUCANS (8] AlCML SatMahenr 
Stsal.' Conti. nKnois/E&ton, IBM. Merrill 
Lyncdi. ' BUILDINGS fl) Burnett end 
Hallsmshire^CHEMlCAIA 11) Engriherd. 
STORES (2). Liberty N/V.- Storehouae. 
BlECrmCALS IT) Toto matrix. FOODS 
fl) Global Group. HOTELS (1) Mount 
Charlotte. INDUSTRIALS (6) Diploma. 
High-Point Services, Secaricor 'A' N/V, 
Syltone. TSL Thermal Syndicate. Toys. 
INSURANCE (1) Miner. LEISURE (1) 
Television Servicao. PAPER (1) Uahsr 
Walker. TEXTILES (1) Shaw Carpets. 
TRUSTS- (1) Independent lnv. OILS (2) 
Bridge Oil. Caledonian Offshore. MINES 
(15) Cons. Modderfontein, Modder. B 
Gold, South African Land. HartabeasL, 
Southvssl, Zandpan. Loraina, Genbel. 
OFS Inv*.. Carr Boyd. MIM. North 
Broken Hill. Pencorrtlnerml, PoJco- 
Wellssnd, Western Mining. 


YESTERDAY’S 
ACTIVE STOCKS 

Above average activity wa* noted In 


Stock 

Amatrad ... 

BP 

Burmah Oil 

Commercial Union ... 
English China Clays 

Gee (Cecil) 

ICI 

NatWest Bank 


Stainless Mora [era ft 
Taylor Woodrow ... 


WEDNESDAY’S 
ACTIVE STOCKS 

Based on bargains recorded in Stock 
Exchange Official List. 

Day's 


228 -12 

840 -27 

512 -36 

770 -85 

1S8 — 

137 — 

230 +35 

555 -18 

30pm —10 

880 +15 

282 + 1 

735 — 


Closing 

Day's 

no . or 

price 

change 

British Telecom 

21 

532 

+25 

Cable & Wire. 

20 

553 

-10 

Baidays 

19 

348* r 

+ 2 

NatWest. Bank 

18 

318 

- 7 

Waatbury 

18 

348 

- 3 

Worcoorar 

18 

120 

+ 20 

Ratcliflo (F-S.) 

17 

895 

-22 

Midland Bank 

IB 

750 

-20 

Saaichi S'tchif 

15 

932 

+ 1 

Glaxo 

14 

773 

+ 8 

Lonrho 

14 

200 

- 7 


14 

025 

+ S 

t Nil paid. 





! ^ 

1 ** 

1 "«■ _ 



Series 

O 


mzm 

H r B 

ica 

in 

Stack 

GOLD C 
GOLD C 

£3 

49 

30 

2* 

1230 

— 

— 

— 

— 

93040 

GOLD C 
COLDC 

US 

157 

4 

36 

180 

H 


40 

Ml 

GOLD C 

9380 

— 

_ 

lb 

3 



M 

GOLD P 

9300 

— 


18 




m 

GOLD P 

3320 

— - 


182 




m 

GOLD P 

IM' i 'B 



a 





■ 

GOLD P 

93*0 

2 

UD 



J . J 

1050 

a* K 

COLO P 

9390 

30 

9 





00 

GOLD P 

3360 

29 

1630 

— 

I'-..' ; 


— 

SI 

1 

Jm 




GFLC 

FL375 

50 

730 

- 





an c 

FU0O 

40 

4J0 

- 




&FLC 

PUBS 






■ra 

■ 

BFLC 

FL400 

20 

050 






KoU 

FU«0 

U 

840 







FL205 

22 

500 


Bh fl 



■ tl 

FUU 


1 



3 

530 

00 

SFLC 

FL20O 

3 

030 


__ 

25 

1.908 

m 

VFL P 

FL235 

112 

130 

_ 

_ 



m 

WFLP 

FL240 

IDO 

2 

3 

620 


— 

w 

VFl P 

FUSQ 

3 

650 

31 

1030 




m 1 

SFLP 

H2S9 

300 

1040 





00 

NFL P 

FL260 

30 

UL20 





m 

OTM 


0CL 

Jm. 


ABN C 

H400 

161 

7 



2 

2DA 

FUS2 


FLS40 

260 

7JB 


U 

21 

n 

m 

AON C 

FT 310 

230 

240 


440 

Z3 

6 

B40L5O 

AEGN P 

FLUB 

58 

420 


620A 

2 

640 


AH C 

FIDO 

249 

330 


6 

39 

7 

H.77 

AH P 

075 

95 

230 



20 

440 


AKZ0 6 

PL160 

90 

760 

449 

1200 

IB 

U 

R25940 

AXZO P 

FU30 

733 

2JD 

187 

350A 

44 

5 


AMEV C 

FLR) 

100 

740 

23 

950 

5 

U5M 

FL 77 

ANEW P 

FL75 

48 

200 



3 

S 


AMRO C 

F1110 

3U 

130 

39 

340 

18 

530 

FL97j*Q 

mm p 

FLS5 

88 

230 

30 

450 

- 

— 


1 K iH 

FUOO 

179 

280 

5 

730A 


— 

FUSB 


RZ7D 

38 

1530 

7 

IB 


1940 

' 

HEIHC 

FLUO 

67 

5 

38 

650 


m 

FUSS 

HEIN P 

FU50 

60 

340 

39 

58 





FLU5 

41 

4 

1 

650 



m 



79 

na 


im 




H0QG G 

FL1D0 

467 

U.2U 

106 


U 


fU09.90 


FUM 

6*2 

3.90 

23 

■ '.I 

7 

730 

* 


FLSO 

617 

UO 

Ub 

l T .l 

57 

400 

FL4660 

KLH P 

FL53 

2W 

BSD 

2b 

890 

— 

— “ 


■ T1 

FL220 

m 

0JO 

1 

L4D 

— 

— 

FU6650 

tfaM.p 

FLUO 

71 

10 

ID 

12B 

M 

1330 


MATH G 

FU5 

171 

ISO 

U2 

3A 

10 

5l20A 

F1M30 

NATH t 

FL75 

2D* 

L50 

10 

^m i ■ 

— 

— 



FUO 

SIS 

140 

s« 


375 

4404 

FL54JS 

PHIL P 

FLU 

489 

560 

79 

rjTvOT- 

47 

7 


ED G 

FU70 

3499 

2150 

299 

KTiB 

— 

0 

FU9L0O 

BOP 

FLUD 


440 

399 

750 

6 

BOB 


MSEC 

FL95 

12* 

140 

2 

3 

— ■ 

— 

FL90 

ROBE P 

H.90 

n 

140 

Ml 



— 


UNK.P 

R.40S 

122 

4 

45 


— 

— 

FL423 

TOTAL VOLUME M COM 

miACTa 

4*854 






| 

A- Mk 

B-M 

C-CjB 

P-PN 




LONDON TRADED OPTIONS 


CALLS 


PUTS 


CALLS 


PUTS 


W 

IE3 

113 

Id 


IP 

irnti 

1 cam 

len 

ID 

IIZ3 

cn 

icn 

IK33 

MU |nti 

300 

300 

*0 

20 

5i 

40 

m 


13 

32 

18 

40 

P.4>0l 

(•526) 

460 

500 

550 

600 

67 

27 

2 

2 

85 

53 

ZZ 

12 

UO 

67 

35 

20 


4 

15 

42 

82 

9 

a 

50 

e 

BP. 

(*5H) 

900 

550 

600 

70 

30 

20 

05 

50 

25 

93 

63 

37 



15 

38 

57 

■re 

160 

in 

200 

220 

48 

TO 

ID 

2 

i 

34 

40 

26 

i 


"o 

18 

38 

OnL GoM 
M69) 

420 

460 

300 

TO 

40 

to 

35 

33 

6S 

40 




K.TJL 

(■4*91 

650 

700 

750 

W> 

13 

4 

2 

1 

5* 

35 

30 

U 

72 

55 

37 

a 

12 

32 

102 

152 

43 

67 

U5 

152 

50 

72 

107 

155 

Courted* 

(•262) 

2*0 

260 

280 

300 

27 

19 

12 

6 

43 

39 

2b 

13 

46 

» 

b 

U 

34 

40 

14 

20 

35 

48 

9 

Vta tab 
(162) 

i 

F 

Ok 



i 

# 

29 

9 

2* 

30 

Cate. (Won 
(■316) 

300 

330 

360 

29 

10 

6 

u 

40 

30 

21 

8 

a 

46 

14 

27 

48 

17 

30 

50 

CaMe A tore. 

(*633) 

600 

660 

700 

750 

60 

37 

13 

5 

S3 

60 

37 

15 

80 

37 

37 

15 

45 

05 

125 

35 

60 

99 

135 

70 

105 

145 

Tr 41Mb 91 
(•Oil) 

10B 

UO 

112 

3 

1 

V 


4 

ta 

8 


£ 

TT. LUj%CGW7 
(•£123) 

130 

122 

124 

126 

128 

» 


A 

3 

| 

* 

J£ 

$ 

_k 

(Mates 

(*673) 

550 

too 

650 

TOO 

155 

105 

60 

35 

170 

120 

90 

SQ 


P 

8 

S 

3 

10 

22 

50 



(LEX. 

(106) 

160 

180 

200 

220 

3* 

IS 

10 

4 

42 

26 

15 

9 

34 

22 

14 

2 

7 

18 

36 

3 

9 

22 

36 

22 

2* 

40 




1 Option 

raoaaa 

d 

Wiuhiuu 

(*363) 

330 

360 

390 

420 

30 

32 

15 

8 

» 

45 

33 

20 

H 

a 

12 

32 

47 

70 

u 

35 

55 

72 

bred McL 
(**06) 

355 

360 

382 

390 

420 

63 

43 

23 

78 

SB 

35 


5 

U • 

32 

10 

22 

3S 

is 

30 

<3 

Batts 

C*2*6> 

H] 


29 

19 

13 

9 

m 

E| 

39 

a 

a 

IXJ. 

(■mu 

050 

900 

950 

moo 

73 

40 

25 

13 

105 

62 

40 

23 

92 

65 

U 

35 

66 

US 

« 

47 

67 

117 

52 

75 

BTR 

(106) 

2BQ 

307 

303 

» 

18 

6 

47 

30 

17 

40 

a 


~n 

20 

38 

23 

43 

ton 

(158) 

750 

0DD 

850 

a 


a 

j 

a 

55 

90 

130 ' 

Land Sec 
(•912) 

280 

300 

3D 

34 

10 

6 

44 

30 

13 

36 

20 

2 

8 

a 

a 

» 

31 

HnOnk 

1*473) 

m 

a 

UO 

68 

35 

128 

88 

SB 


a 

a 

35 

57 

HatalSre 

(1971 

100 

200 

220 

33 

12 

6 

1 

28 

19 

m 

a 

U 

32 

De Been 
(*57.251 

u 

m 

100 

60 

40 

115 

95 

» 

27 

50 

05 

47 

n 

95 

ffi 

78 

2® 

MTna. 

(•773) 

700 

750 

BOO 

m 

110 

70 

37 


a 

a 

II 

GKN 

(*321) 

i 

KS 

40 . 
22 

12 

4 

32 

a 

12 

6 

18 

« 

71 

a 

22 

42 

71 

26 

44 

72 

TraMter Horn* 
(102) 

300 

3D 

360 

30 

6 

3 

30 

12 

6 

39 

22 

19 

35 

62 

24 

42 

63 

72 

44 








Gtan 

(*950) 

mo 

900 

950 

2000 

135 

UO 

65 

40 

180 

MO 

UO 

V 

170 

135 

U3 

U 

a 

45 

75 

17 

30 

CO 

90 

52 

U 

9S 

■KZHI 

ESI 

dl 

CmSM 

□ 1 

ET9I 

Net. 

Mmsb 

(DU 

150 

160 

165 

UO 

200 

3b 

14 

6 

2h 

32 

a 

26 

8 

32 

23 

a 

i 

1 

u 

X8 

a 

1 

| 


93 

66 

40 

17 

100 

78 

52 

30 

1 

3 

20 

70 

5 

13 

40 

70 

13 

S 

SO 

75 

% 

390 

420 

460 

500 

88 

61 

35 

12 

UO 

7B 

55 

40 

95 

73 

55 

2 

3 

2D 

40 

H 

5 

35 

B 

0AT tab 
1160 

360 

3D 

<20 

460 

is 

s 

2 

1 

3a 

22 

13 

5 

55 

40 

27 

15 

7 

27 

51 

93 

13 

35 

£0 

95 

25 

45 

67 

100 

Tharp EMI 
(**6D 

fiO 

460 

500 

5BQ 

60 

a 

10 

3 

77 

*5 

a 

u 

92 

62 

40 

22 

5 

20 

42 

90 

u 

27 

» 

92 

17 

-32 

55 

95 

tt 

*20 

460 

500 

550 

82 

42 

10 

2 

in 

67 

37 

U 

e 

» 

13 

1 

2 

15 

55 

4 

10 

30 

62 

13 

33 

62 

Tfsco 

t*wn 

300 

330 

360 

390 

65 

40 

18 

5 

75 

52 

27 

15 


9l 


U 

32 

48 

BrH. Tdaare 
(* 220 

n 


22 

13 

7 

3 


1 

U 

a 

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58 

U 

32 

42 

60 




AR 



tnperW Gr. 

rifioi 

300 

3D 

3M 


1 

i 

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a 

C 

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IB 

ID 


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55 

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35 

a 

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70 

58 

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35 

14 

27 

40 

60 

82 

UB 

127 

a 

47 

60 

77 

92 

UO 

tin 

» 

83 

UO 

120 

140 

BO 

95 

115 

135 

LASMO 

(118) 

100 

UO 

UO 

22 

13 

6 

J 

40 

33 

28 

n 

6 

10 

20 

9 

Laarin 

(*25M 

2U 

ZS6 

255 

273 

38 

21 

7 

2 

51 

36 

25 

IS 

58 

44 

34 

23 

II 

4 

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a 

33 

8 

16 

a 

36 

tuj 15. Toai rnetratii 15JS 

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Pies 

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16 


life 


Allianz Vara 


Itrgmi Bank.--. 181 + I 

BcjrragMftf - 527.6, +5.6 

Chrlmt infix (HU ■ 185 j —1 

Den NariK Credit 1 1M I ...... 


Clxem ; *J*.a 

Kotmw ; 139 I 

xvun<r. J 1 26.6: 

NOresun_ > 07 J 

Monk Oats. .-.275.0x0' 

Norsk Hydra ■ j mi • 

Storebrand ~ : 206 , 


auwa 4-ao 

KS9 - 50 


SPAIN 

May 10 


Pries * + er 
Ptst) +. 


BeoPitbse . 

9 co CentrsL. . 
Bee Exterior 
Bco Hnpane.- . 
Bco Popular.— 
Bco Santander 

Bco Vucayft 

Dragadao. 

Hidrota 

Ibrrduero. 

Pctrolooa 

Telefonica 


020 . .. 
■ 685 1 

i 470 
i «» .. 

1.100 .. 
.; 718 

■! Iff* - 

I 137^1 .. 
I 196 j .. 

381 i .. 
.1 223.9: ■■ 



Waaon uts_ 


Mannesman it 

Morcadee Hid.... 

MeteMaesaU 

Mueneh Rueck... 

NixOorf 

Porsche 

Proussag 

Rhein West Elect 2BO 

Rosenthal 

tchsrtng 

Siemens 

Tnysscn 


SWEDEN 
May 16 


I Price 4* or 
.’Kronor -+ 



MHI . . I 571 

Mitsui Bank .i.oaa ' 

Mitsui Co. 444 1 

Mitsui Estate.. ... 1,600 , 
Mitsui Toatsu .. 2SU ■ 

MKsukoshi ■ M3 

NCK Insulators ..1,060 
Nlkko Sec . 975 

Nippon Denso. 1.450 
Nippon El act .1.470 

Nippon Ekpross. 1 771 , 
Nippon Cakkl.. . 1,460 
Nippon Kogoku.. 1.100 ; 
Nippon Krikan. . ; 155 , 
Nippon OH , l .| 60 

Nippon Seiko.. ' 590 
Nippon 5himpan 1,090 


S*to Sack Hup 1 m Qch (tag ] Sabs Stock 


TORONTO 

Prices or 2.30pm 
May 15 


e s se 


Vereln-West 

Volkswaoen 


Aca 

AHa Laval B..— ...j 

AS £4 i Free) ! . 

Astra iFreeL- 1 

Anas Capco..._.i 
Cerda iFreci. — J 
CaNuiosa . . .1 
Electrolux B.. . .. 

Ericsson B, j 

Esseltc I 

Mo deft Oomsjo I 

Pharmacia I 

Saab Scania Free! 

Sandvik- I 

SkanOta_ i 

SKF .... 

Sonetaon . -. . 

St. Kopparberm.i 
Swedish Match ..[ 
Volvo B iFreet^.. 


Bank East Asia 
Cathay Paaitte . ■ 
Cheunp Kong..... 

China Ugitu 

Everpa 


Hang Seng Bonk 
Henderson Land 
NK China Gas.. .. 

HK Electric 

KK Kowloon Wh. 

HK Land 

HK Shanghai Bk 
HK Telephone 
Hutchison Wpa . 

Intnl City 

Jerri In* Math 

New World Dev— ! 
Orient Curas ... 

SHK Prop# 

Shell Elect - 

SwJroPkcA 

TV— -B 

Windsor inds-... 
World int Hides ..! 


Banco Com'ie... 1 35.900 

Bastogi irss 744 ■ 

Centrale ' 4.110 ■ 

cj.r. ld.iDo 

Cradlto Itolionou 1 4,148 

Flat ,14,800 

OanaraiKAasieuri 147,600' 
Italcernonti- . ...! 79,830 
La Rmaaceftte.... 1,280 - 

Montedison- : 4,553 

Olivetti • 18.010' ■ 

Pirelli Co ‘ B 750 ■ 

Pirelli Spa * 6,480 

Saipem - 6.850' 

SnlaBPD .....I 7 205 ■ 

Of Toro Aula _...' 60.900 ■ 


Nippon Steel . 164 
Nippon Siiiun, 401 
Nippon Yuson.. 386 
Nissan Motor 64b 

NWim Flour. o4u 

Nomura.. .. 1,940 

Olympus 1,160 

Onada Cement-. I *i£b 
Orient Finance.. '1,070 
Orient Leasing 3,600 

Pioneer 2,240 

Ricoh,. ■ 910 

Sankyo .. . . 1.370 I 

Sanwn Bank. 1,250 
Sanyo Elect.. - ■ 435 
Sapporo ' B75 . 

Sekisui Prefab - I.iBD • 
Seven Eleven - - 7,570 
Sharp . ' 975 

Snimuu Canstn..' 646 

snionogi t.OBO 

Shlaeido -1,890 

Shows Denha.. 3 ! 9 

Sony 3.620 

Sumitomo Bank.. 1,810 
Stoma Chem. - 3S4 

S'tomo Coro. I 1 750 
Stoma Elect... 1.120 
S'lomo Metal 141 

Taisei Carp... . 470 

Tntebo Msrlno, ' 710 
Taiyo Kobe Bk. . 680 

Takoda .... 1,450 

TDK 4.050 

TWJUi 1 507 

ToaNonryo- 1,730 

Tokai Bk : 005 

TOhlo Marine . '1.190 


Tokyo Elect. Pwr 3,800 


Tokyo Gas I 3BB ! 

Tokyu Carp ...' B41 

Topcan Print 1,660 1 

Torav 1 647 | 

Toshiba Elect . ‘ 4» 

Toyo Seikan 2.260 I 

Toyota Motor .- . 11.600 

UBEIndS i 274 1 

Victor '3,130 I 

Yamaha 722 ; 

YamolchlBec 895 

Yamanoom - :3,26a 

Yamasaki 11,550 

Yosuda Fire ... I 636 I 


AfJCA 111 
3 FtiHfrt 
Ahil*! P» 
A.'UjniA 
A 'in* cu C 
) Ainu En 
AltHU N 
! * , :4i’ 

Aiju Cum 
A'gnma Ci 
AviUm.'i j 

Atr.j I I 

07 C.UJJH i 

POT A 
&P CJfMw 

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Bn DCol 

' Bk Mcnll 
I C.N 13*"' 
i EU.II Can 
b'uVSr . 
B-Cinjn;] R 
' Bow V.ilv 
B> ji.iipl 
BupjuIi'J 
Biavian A 

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Bif-IMJ M 

PC FotP 
EC 

BC Pnon- 

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CAE 

C<L 8 ‘ 
C.IC Fr+ 
Cjitp R.r 
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Camp Coup 

Cmp.'jij ; 

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COC ' 

Can Uj'I 
C Mil /««l 

C P.v»r. 

C5 ?*l.- 1 
C‘j inv',1 
I Cl Bk C.I-I 
C Maic vi, 

C &4-:nljl 
I CP 1*1 
CTu* t i 
CUl.' A I 

Cjnlor 

c.irre-n A 
Cau 
Cm A i 
C hi Or 
) C-jrmj 4 
Cl-i aneuo 
C'.nltfl A 
Ccnin Tf 
Chum 0 1 
Comineo 
Compuhog 
Ccmpul In 


lo-'i It's 
i". 


Srfa Stick 

Cin'cin - *■; 

C'n fcj”; A *75' 
•■'AA Cr..-,:r b . r. ■ 
■d'j 'C '-"-. ie-. 

V.'Jl C:- -:i S2 i 

11'*« CT’. Ear. Vr-. 
6 

HO C-'t-i 

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Qase CMg J Sdn Sack 


iiXO Licana S 7 ’i 
3830 LAidUa AH S< 7 ^ 
71 W 5 Laii:e 9 I SlB't 

I WHO L*>S" MM $5'> 


TEHJP Losua Co S'3-’j 


r.'iO O’CaPi a 
iiy 1 ’ c. 1 v n-.i 
•--14J D"-’ -r • a 

iVys arf-.r = 


W 3A5 


C'A >3 -1 

tHi JHi - 1C 


•sen -. ' 

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1-;7.1 J 1 :—** 

T-r j: Z 
>•>:. C Tift" e 

iJO-i 

.'Jj C U Or- a 

: >377> A 

lr:C4 L-,-. 


I7«0 Lumen, IS H5 
51000 VZC SSf( 

I IMS r.t?un H X 5l?'i 
S35» Udn HV 1 513’* 

7MC& Warm. Lift 
6i-«o vagni * • sjt» 

I«76 Mai .lime « SIM 4 
J57S Mari* Spnr Sle.' 4 
MX33 Ma« F <it 380 

IU}6 Menano E 195 
H5C hen KO 

HDD IWei Carp S$i, 
21413 Ikiym A i SK * 
43 Moluan B S:*T. 

•xa u I'uva lv* 

70908 U.W SV'i 
4491 Njl Bn Con 529 
2300 ru vg Tfco S25', 
7400 Nil C-opA I EFa 
674 N-Ii IP A SISJj 
4447? Ncianoa Jifj 
ir'75 NiSieen SU-’j 
»?£J •vrv'/r are I J I? 


r‘- t r 
rj- ; r: 


i;‘* 

2T* ?2‘ ; 


l>'3l FCA i r i 
1C221-:. ? 

lii-iVi F«I -1 A 
4-0 4.'-; Ivi 

Cat ‘-Vi 
f-W Cv*- -~-9 
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*00 ivnu 1 L 
C..a- •! 


1 -. -'t 

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l"« 17'. 

it - - 

li'j 1 .L." 


U': iy r 
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21 21 
tv, yjj 


'■ - i i't - H 
7 S', 5’; 

27'j 20:« - Jj 

M’j frTr - 
171* 171, 

e-. 6’. - 1 4 

365 36a -5 


1 C-afori'p f 

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■’-■o C. F-911 

i-’-ZO Cj.-'' 
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ay. i nj«l«' 

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■1460 y.-es :n:i 
tICc r ■ -a; a • 
■S.iT -i Etv’4- a 
iiijj n £a, 

UA'jJ H^a.. C" 

72HC :ir-*vcr 

27961 imp Oi a 

C42-75 lnc-3 

7’iij InJil 
6i?.r) lnia"2 GiS 
7J9C9 «w>:px: 

633 inioi Gil/ 
fi 5777 ln'1 Iikfi 
K25 ir ‘r* hrpe 
625 "J irv:o 
55:00 IkjCO A « 

702 koto B 
60727 Jannrrn 
64r- Keir Aeri 
200 ikicna Gut r 
4707 Laban 
31 438 U. Lac 


1M NC Dm 5H*s 

73533 Nji Tot $417, 

8700 Noitngai 

170210 \va Aim 1 43Q 
40) Nmrt:o W SU!, 

7200 Nu West 34 
ieKC Numat S65. 

1070 OjNaoad Jiii' 

3090 OlOUI B > 300 

ieD>j Orri.eja H*d S5‘. 
Zi-Jl Omunj a 1 54 i’l 
15750 PacM Alii $15 
r’OAKJ Pjui'n A 1 317 

400 Pamcui S5-" * 
7153 PjnCjn P S76 'b 
3001 P..^Mui SET. 
CtlOQ FJewl A I S13-‘ f 

479 Pine PpiiiI J5 
“X'4fS r.'acci D S22S 
45114 Pc 44> Pel S6': 


45010 Pawl C01 I $24: a 


■?IJ -J 
154. 

'S-K 


Tb'i 

7?'. -I. 


45', - 


1700 P-K-rama 3 IS 
4'Vij Pi 41,130 570 

►v'.-’G Quo Zutq $6 
727 GuebcctK £17 
141IC1O Ranger $5’; 
7590 Rayipcu I So'. 
i:M AvdpAin STfc'j 
490 Regivinl B 770 
600 Reivnan A I 523 
36617 Rid Aigom S737j 
145 Rogers A MO 
73727 Rogers 9 1 S70»4 
1360 Roman $10 
53986 Royal Bun 533 
23353 RyTrct A 5333* 
7146J Royfe. 286 

B59 SO. CcmA I 538'; 
16GQ Sceptic 336 
£M Scot Paper 53153 
13600 Scons > 53&-\ 

80815 Seagram S79‘. 
11278 Sears Can 5153, 
TOT Seiiurit A I SMU 


Sales 

SXKfc 

High 

low 

0«* Ctafl 

11353 

Snell Can 

S23'j 

2V- 

?35a 

Tt B 


Sryjiri" 

S6 7 s 

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Spjt Aero < 

S Va 

25'; 

SPJ, 

•i 

3100 

Slein?j A ? 

545 

x4’i 

44’; 

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Sioire A 

$263, 

26'- 

26?4 

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ICO 

Sulpfo 


4b 

55 



T.,t. S 1 

S.’J’i 

21V 

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205 


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MS 

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s»« 

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25V 



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2&V 

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533 


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Tom Pci 

S3»V 

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30V 

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TiatiifT* A 1 

546 

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46 

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133 

135 

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Tins Ml 

512 

12 

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31550 

Trinity Res 

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145 

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F -l*» 

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Of rdfiKicd 

noms 







MONTREAL 



Closing prices May N 


58086 

San* Moti 

53374 

33^ 

3M» 

♦ 3, 

1505 

BamororA 

srv 

S'l 

22', 

’’4 

e»a 

BomOrarG 

$22 

Z'l 

2U. 


noo 

CB Pak 

$207* 

26>* 

»■; 

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223812 

Cascades 

str-'. 

ir* 

I 2 *j 

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416 

au 

W' 7 * 

3 W, 

31 >| 

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50511 

ConBain 

S253j 

25 

25 % 

•* 3 b 

6223 

OomTxiA 

S2U. 

21'J 

2«S 


52273 

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SlSV 

12 

12V 

+ ’4 

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UniTrei 

$26V 

25's 

26 


35636 

naiBk Cda 

S39't 

2ff>* 

29V 

-V 

/423S 

Power Ccip 5 J 4 % 

34 

3*V 

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767T 

PiOviflO 

520 

193* 

19J* 

-V 

1210 

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$31'; 

31V 

3 i'i 

4.1, 

32397 

Royal Bank 

S33 

32V 

32V 

+ V 

1JOO 

ROyTrSKO 

S3 J»* 

33’; 

33V 


4410 

StsmorgA 

5*6 

447* 

45 

-IV 

| otaf Sales 3.636.3S7 snares 





May Kay 
14 13 


1806 
I Low 


AUSTRALIA I j 

, AKOrd. if ll/Ml 1184.4 ' 1223.4 1201.8 | 1311.5 1 1347.0 f7*l 1010.B (fill 

4U2 MetalSftMlnls.il/lraD) 493.0 1 491.7 4BB.I I 496.4 , 602.0 i24(S1 i 4BS.1 t1SiB> 



i .IMii* 1 ' vWPlP(®C.V 






NOTES — Frfeea on TWa page era aa quoted on the IncBv Mu al 
exchangoa end sis taat traded ptfoes. f DeeUnga auapendad. 
xd Ex dhrtdsod. xs Ex eerlp Issue. xr Ex dglua. x> Ex eO. a Prtoe 
in ScbHUno*. . 


OVER-THE-COUNTER Nasdaq national market, 2.30pm 


Salas Mgfa Lew list Ong 
(HMH 


Continued from Page 41 

ParkOh M 132 »» 5? 


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PwnrM 
Paul Hr t 

Payehx 
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PogCM .06 
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Penurir .66 
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PhlKU -60s 
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Philarialphis El. 7.O50.BOO 
Eastern Air. ...4,316.000 

Sperry 3.798.300 

K Mart 1.992.000 

Amer Tel ft Tel 1.720.600 


NEW YORK ACTIVE STOCKS 

Change 

Stocks Closing on 
Traded price day 

058.800 18V + V IBM 1.715.600 

316.000 9V -4- V Baxter Tiavel ... 1,437.600 

798.300 72't + h Easynsn Kodak 1,437,100 

992.000 51 +2V Mebil 1.099.100 

737.600 24*i + V Chrysler 1.048,500 


Chengs 

Stocks Closing on 
traded price day 

1.715.600 148>, - V 

1.437.600 20V + V 

1.437.100 59 +2V 

1.099.100 30V + V 

1.048.500 36*i — 


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CANADA 

TORONTO I May 


•* Saturday May ID: Japan Nikkal (c). TSE (e). 


TORONTO I May ( May 1 May I May , May 1 *ggg 

Metals a J 14 < 13 13 ■ 9 1 B ■ Hi gh , L OW 

Minerals , ao62.a'"'3M9.I ] 205*9.6:*I064.7S 2064.17 3442.B5 .ZliSi ' ]M49.1 IISiM 
Composite 5077.5 3072.0 . 306B.B 3066. 1 63064.05, 3129.11 |I8,<) : 2754.0 (17/2) 


P^trahD^tlSei.BTilbei.OS'lSBB.SBIl&BX.IGilBM.TS^ 1625. S3 18)4 11308.911122)1) 


Bass value of ell indices are 100 except Brussels 5E— 1.000, JSE Cold— 255.7, 
JSE Industrial— 264.3, and Australia. All Ordinary and Metals— 500. NYSE All 
Common BO: Standard and Poors— 10; and Toronto Composite and Metals — 
1.000. Toronto indices based 197S and Montrul Portfolio 4/1/83. t Excluding 
bonds, t 400 Industrials plus 40 Utilities. 40 Financials and 20 Transports, 
c Closed, u Unavslleble. 


T rrw'^TVT Chief price chan 9 QS 

JLUfN JLJUIN (* n pence unless otherwise indicated) 


RISES 

Amstrad 

Beatson Clark — 

Bestwood 

Bromsgrove Ind ... 

Davy tSirp 

Dewey Warren 

Electronic Mach _ 

Gee (Cecil) 

Shell Trans 

Somportex 

Sunbeam Wolsey- 
Textured Jersey ... 


532 + 25 
228 + 23 
550 + 30 
102 + 7 
100 + 6 
121 +10 
84 +12 
120 +20 
773 + B 
210 +20 
116 +10 
174 + 8 


Wiggins 

Willis Faber 


64 +10 
462 +10 


FALLS 

GonvflWiW CUM - % 

Aberdeen Const 252 — 8 

Bunk of Ireland 460 —45 

BP- 553 -10 

Britoil 176 - 9 


Foster (John) — - 88 -12 


1CI 


895 -22 


NatWest Bank 750 - 20 


Rowntree Mack . 


492 - 8 


Unigate.... 260 — 7 


Special Subscription Hand Delivery 
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S FTPuHcatioiB.Ire. 19 E 6 


HNANCIALTIMES 

Because we live in financial times. 
















































































































































40 




“ A" ■-■ .•* * 
-4: ' v ’-.v . ; 




Financial 1 % mes_ ; 


Prices at 3pm, May 15 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


;-^4-j^4T j ic. 1 - ' ■ 


12 Month 

Higfc low Stock 

24 11% A AH G 

30 213, ADT 

28% 11% AFG s 
25% 12% AGS 

15 9?, AMCA 

60% 37i; AMR 
16% 11 MX 
5J% 32% ASA 
18% 10'" AVX 


tt> | 

On Pm 1 12 Mmtt 


Q>> 
Qok hn. 


On hn. 12 Month 


SI owe nw 14WBTO* n at One ftn. 12IMMi fJ Sh Owe Pm. l2Mwm ft % Owe Pm 12 Mob* _ l- iw*Qo** HA 

Dhr. W. I lOOiWgfc low OooaCfc** High low Swfc Ow. W. i lDOs High Low OmcObh High low Sack W». W. E IHhHigft Low QwtcOo* H^k Un Slock Otv. TU. E UKhtogk Low OartoOwe W I&. YU E 1DnsW * w» »»» - 


• • - • JJ-g, 

oJd 22 ? i2M0Mfa ’■»: . 

2E Sw.-sS* ;«r . -■ mm^**** 


44 2 0 20 60 22i, 22 K% 

•82 32 1376 29* 20 28% 

17 <51 26 25', 251; - 

15 76 20% 20U ass, -% 

2 IT, 135, 135, 

11 1236 55% 54'; 543* — >» 

.711 SO 13 H 163, U% W, 


TV, 523, CIGNA 280 4 1 

J7% 281; CIG pi 275 8? 

64 49 CIG pi 4.10 7 0 

5 1 uJCLC 


<6% CNA Fn 


1327 62’a 02H - 1, 251, I4j, LWror 64 

65 3J% 33% 33% -% 351, 10 OfaBlhsJO 

25 SSI, 58 $a<, 191, iff), DUmS I 19r 

6 3 3 3 389, 31% DmSh pi 4 


253, 1A), LKiHr 64 28 14 374 25% 24% Z4% -->i 

351, 10 OttBIbsJO 8 13 17 25% 25% 25% 

19% 10J DiemS I 19r 8 8 600 12% 13 13% ~ >4 

38% 31% DmSh pi 4 11 14 3&g 36% 36% -% 


12% 10% CNA1 IJJ 99 
301; 16% GNW 


10 682 601, 57% 57% -3% 22% 14 D1a50 n2.80e 17 307 16% IIS', 16% 


418 36% 351, 36 - % 32% 273, CNW pf 212 74 92 29 


32 22% ATP 

91% M AblLabl 68 
44% 43 APlLb «n 
31% 195, AccoWdM 


2a 5.6 > 418 36% 35i, 36 -% 

2 3 70 14% U 141, 4-1, 

272 9 7 7 581 28% 28 28% - 


131 12% 13% 121, -% [ 47 
355 25 5M% 3«% ~% 1 93 


38% 4 1, » 


317, Oepoid ID 
43% Digital a 
19% Disney 3 32 


25 ZO 173 4d% 43% AJ5, 


33% 17% Getty 5 

19% 9% GIANT 
125, 5% GihiFn OSe 
25% 16% GiflHlll 52 
94% 67% Gillefle2.72 
37 113, GieasC 


> 4756 W, 8&>» 66% - i%| 25% J0j Gtenlwl 3Q 


7 3! 2278 45% 44% 44% - % 3% 


69% 41*0, CPC BCD 35 21 449 63% 62% 63% -% I 28% 18% DEI s 140 58 71 24% 24% 241, 


CP Nil 1 50 45 11 42 33% 32% 331, +% 7% 4% 


20 21 1827 87 84% 65% - % I 2®, *»» CRUM 228a 8 7 130 23% 23 23% -3, 131, 6% Dome g .12 


AtmeC 4Q 
AcmeE 32t> 


53 433, <3 43 -% 

17 21 42 29% 29 29 

30 212 13% 13 13% 


I 10% 13% CRSS 
i 37i; 23% CSX 
443, 27i; CTS 


34 21 15 12 18% 18% 181, -% 41% 28% OomRsZB* 


6 II 6?, 6?, 6% 

887 (3, 6% 6% -% 

72 11 588 38), 391, 39% ~% 


viGKjM 12S 270 1% 1% 1% 

pf1.75j a 4 3--, 7, 

GWNug 88 1037414% (4% 14% -% 

OldN wt 487 3% 8% 3% 

GldWFo.16 .5 6 1655 36 34% 35 — fl 

G*irt 1 56 4.0 133 397, 39 38 -% 

Gd.tl.pl.97 91 z20D ttJ, 10, 10% +% 


22 10 2Bi, 261, 28% -% » 62% 108*0248 .37 1* »« «». W g*. ^ Wj-NwR: pl1S5/; 98;:':.. -.20, 'i ‘ 

II 12 1®% 16% 1®» “% 53% 33% KnflhBMa t.T » SS^- SSg + C 23% 9% • •' *NWWt.«> = ■ .*& 23^-.«» • r • 

4 5 351 11% 11% 11% -U ?3% 13% K*0P * E? ^ IS + .• -S% 2C% % 

12 39 24 CT, CT, -% 30% 25i i Ktoger ZSO 8.T 51 77 « «l ». a. .1 JOBSB%» :.79 <1* :^^ “a&igC 

11 16 1036 88 87% 871, - % 1Vi Kolmor K H 1L Eu 2« , »% -% S% 2V«NV99BZS6 • Ml’ ‘^WSTj- 531“-- 41% “V ■ 

1H 29 25 2«% 2f a * % 30% 13% KopOT -80 tT IB T- #•* S' Bra*’ 


1.18 36 2192 32% 32% 32% -% 393, ifli; Donald .86 10 12 38 33 32% 32i5 - % If 7 *, » 


< 1% OldN wt 

43% 19% GldWFs.16 


19 20 111 8% 8% B% -% M0| 0”b 03 bic 


1.050 2.5 25 448 41% 41 41% - 1, 


Donley 1 26 


an, 16% AdaEi 1 900 9 4 42 20% 19% 20% 


401 8% «% 8», +% 4Si; 27% Dorsey 120 


T 8 19 459 73% 72*; 72% - % »1'« 9 Gd.tli pl.9? 

2.5 15 28 48 1 , 477, 47?, - % ZS'g Goodyrl-BO 


.88 3.5 9 « 251; 3f% -2S% 
aoS.fl 1 " ZT 1 15% 15% 1®4 


30-.. &B *eWYs7aa ;7M.fc“ ratter K-.W : 

53?, ■ Mommfl-y,- :Wa . «Sr‘. - % 

2 . : Swpaix. '••.'.* * ?.. 9*18, + 1 ; 18 


29 IS AdmMl 40 

20% 10% AdnSysa* 


16 12 1 2S. 253, 253, - >, 

4 8 16 35 17>, 16% 17% *% 

2599 26% 26% 28% *% 

16 8% 8% 9% - % 


30% 20% Cabot .82 11 Z97D 30% 28?, 28?, -% I <su 321. Dorer as Zi 16 87 43 42i, «% -% 20 ’S 4 GortnJ 53 

72% 12% Caesar IB 1508216, a*, 20% - % 1 56% 31 DowCn 1.80 13 83 282154?, 53>j 531, - 1% '6% IP, Gototllvll 


35 18% CalFed 60 2 1 4 a 

541, 45% CaJFd p)4 75 83 7 

14% 103, CatRE 1 28 10 12 1 

24% 15% Callhn .1st, 16 9! 

38 23% Calmal 68 19 14 8 

15?, 9% Cam ml .12 1.1 35 £ 

26 14% CHUt g 40 T 

3?, ?, CmpR g ia 71 


37% 221, AMD 2599 26% 26% 2S3, »% &*, «>% MIFd Jtf4 7 

12% V, Adobe n 16 8% 8% 9% - % ’■*% i®4 CatflE 1 2t 

10% 14% Adob pi 184 11 84 17 16?, KF, 24% 15% Callhn ,25t 

20% 15% Adob pi 2 40 12. 25 193, ?33, 19?, M a % Calmal 68 

19% 8% Adveal .?2a 6 14 336 13% 181, IF, -1, 15?, 9% Camml .12 

66% 42% AeinLI 26< 4 6 10 1711 69 573, 58% - 1% ™ M% CRLk g 4 

W, ffl Ahmng T 36 1} ? 3837 59% 56% 581, -% 3?, ?, CmpR g 19 

«, 2% Ailcen W 2 75 u 4% 4% 4% 58% 32% CamSpsI 32 

83% SO% Airf»irl1*a 2 0 15 222 TS6, 75% 75'i 'S, GdPacs .« 

271, 18% AirbFrl 60 27 19 58 ZT; 22% 22% -% 421, 163, CanonG 

2% % AJMoafll 50c 16 % 1532 15-32- 1-32 256 183% GapCils 20 

10% 7»- AlaP dpi 87 8 8 40 10 9% 9?, 35% 20% Capnhl 82 

904, 67% AI.1P pi 8.28 9 3 2100 85 88 88 13% Carlngg.4* 

:■?% 15% AISAAi. id 8 13 2<2 20% 19% ?9-% "% 38% 27% Carttold.08 

25 ??8 Alone s 21 9 29 217 23J, 23 23% + 2 « 20% CeroFI .44 

J3 26?, Albcsna 84 24 14 «6 35% 35% 35% 35?, 25% CarPw 260 


2 1 4 2607 30 »?, 28 - 1 58% 30, DcrwJn .82 

83 7 57% 57 57 -% <0% B% Downy s Q» 

10 12 1 12% I2ij 12% 18% 11% Drawo 5C 


58% 30, DowJn ^82 1.6 20 353 54 52% 521, 3^4 W% GouJd .68 

40% 0; Downy, 081 .3 3 238 31% 30% 3l -1 

18% 11% Drawo .50 3 2 56 26 15% 15% 15% ***■ 2»% 


15% 15% 15% -% J<% 15% Drear .80 4 7 1015 17?, 10, 17 -% 


14% 22% A Iran 


38 23% Calmal 68 I9M 68 35% 36% 35% +% a, ie% Dre>B 2 9 0 

15?, 9% Camml .12 1.1 36 63 10% 10% 10; ■*■% uri, 49% Dreyfus.84 B 

?6 M% CRLk g 40 3408 14% 14% 14% -% ftM,‘ 54?, duPonl 3 38 

3?, ?, CmpR g ia 79 IS-IB ?( ?* 64% 43<> duPni pU 50 7 5 

58% 37% CamSpsI 32 2 5 18 1544 54% 52% 53% -% 43 X Dull BP 2.60 53 

10, 11% CdPacs. .48 986 12% 12% 12% - 1, 102', 77% Duke pIBTO B6 

42i, 16% CanonG 12 342 37% »% 3S, -% |02% 72 Duka pl&X 85 

256 183% CapCils 20 .1 26 300 235 2321, 234 -1 gji? 25 'i Duke 02 69 '0 

35% 20% CapHId 82 26 0 920 3? 31% 3? +% 353, Duke 0185 12 

12% 8% Caring g .48 4 11 10?, 10?, -% B% 7 Dukeflln 

39% 27% Cdfflsld.08 ZB IB 38 37% 38% JG% - % 1% 1 DukaHCWe BB 

40 20% CeroFI .44 1.2 15 « 38% 35% 3S% 113% 70% DunBnE.56 2 4 

35?, 25% Ca-Pw 268 8.2 9 858 SP, 32% 32?, 191' 13 DuqLI 1.20 88 


23?, 18% Dre>B 2 9 0 5 22?, 22% % % % 

110; 49% Dreyfus. 84 9 19 230 B9% B0, 83% +% 

60, 54?, duPonl 3 38 14 3S86 flO 1 , 79% 79% - % 

84% 431' duPni (44 SO 7 5 2 00% 60% 60% 

43 X OuknP 2.60 5.3 H 151 1 <1% 40?, 41 

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JO-toily- 


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Financial Times Friday May 16 1986 

NYSE COMPOSITE PRICES 


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Salas tores are imoffldat Yearly highs and lows reflect the 
previous 52 weeks plus the current -Meek, but not the tale si 
truMng day. Ilhena a spiff or Block dnldand amounting to 25 
per cent or more has been paid, the years htevtow range and 
OvUend are shown tor the new stock only. Unless otherwise 
noted. taBB5 of rfvMands are annual aabursemenls based on 
the 


a-cMdond alee extraif). b-wma) mxe of dividend plus 
Stock dMdend. o~8q^dattng dnridend. dd-csBedd-new ysariy 
low. e-dWdend declarea or paid In preeeiflng 12 mamhs g- 
dMdend h Canadtan hmdk sub|eci to 1» non-resWence tax. 
t-dwidend dectared a«ar sp8t-up or stock cSvidend. j-dhudend 
paid Ms year, omitted, deferred, or no action taken at taiesi 
dMdend meettaD- k-dMdend dedered or paid tf*s year, an ae- 
oanueitTm issue wen dtvtdenda In afreare. n-new issue m me 
past 52 weeks. The NgMow range begins wttn the start or 
trading, nd-naxt day dtevery. P/E-price-aamlngs rauo. r-dM- 
dendttochrad or pad in preceding 12 monlha. plus stock divi- 
dend. s-etock spfiL Dividends begins wtth date ol split sls- 
s. a-rkvtdend paid In stock in precedng 12 months, esb- 
maaad cash value on ea-dMdend or ex-distrO>ution date, u- 
new yearly high. trading halt ad. v*-tn bankruptcy or rcceivar- 
st%> or being reorganised under the Bankruptcy Act. or secu- 
rftisa assumed by such companies, wd-dstributed. wv-when 
issuad. ww Wi th warrants. *-nx-<flv-dend or ex -rights, xdts- 
ex-datrtMtlon. xw-wllhout wenents. y-ex-drvWend and sales 
in ML ykHteU- a-salea ta fte. 


tv '* 






si < 

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S? 1 


•■S' , 

1 

& 4 . 

4? 


: . t »-• 



Special Subscription 


HAND DELIVERY SERVICE 


of the 
FINANCIAL TIMES 

aj^JPESBUSWESSNBASB^PER 

. in 



You can obtain your subscriptaon copy 
of the Financial Times, • . . 

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v.tayy-rf - w ta.yf P' ; 
'J>ni. 1 . 1 * '*. "-c- * *v J -"Mitirrrri 1 



4i 


AMEX COMPOSITE PRICES 


Prices at 3pm, May IS 


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Stack B* E 1G0* H«k tmr Don Cag* 


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6 25 
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2753 „ 


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51- , 
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19% 
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S3% 1 
31% 
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Sock to 


HouDT Ste 
Huskyg 36 


1\ 

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1SS 12 
lrppO-101 60 
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inuSy 
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Irtiwi 12 
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10 113 2 1% 5 

10 2% C% 

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Jacobs 28 

231 u Iff, 9j 

I0\ ■ 1 

Je:ron .711 lb 

2 ffl ff; 

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JHM 

15 2% TT? 

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Jonnlnd 5 

34 14% Iff* 

TO, “ % 

■Ui-Crt 24 7 

36 ?4% 24'. 


HcyPn 462134 «B% 16% 

IB - - tj 

Kjnj-it 

Ill 3% 3% 

ffv - % 

K«*r/ 

64 a 2, 

2'i ■ * S 

FogerC 2 40 413 

56 20% 

L L 

28% - % 

La Barg 

18 2 1'« 

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LdmkSy 4 

*2 TO; TO, 

i:% 

User 24 

84 Id's 16% 

ib.% - -, 

LtySurT 30 

•1 7% 7% 

7% 

LorTeii 2£ 27b7 K2, 24% 

25.% + 1% 

Lumei 08 27 

6 23 22V 

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L.rrcnC 20 56 

14 22 2U, 

2- > - % 


MCO Hd 

MCO P-. 

MSI Pt 

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Uj-tPi C5o li 


M M 

13 7 15% 1S3, iy.- 

4 5 13-16 

23 W, M 14 


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Mjlrin 


3 373 a 27% 22 - 


Media 1 16 20 1 92% 9?:, 9?% - 


Ueoki 8 37 A, 

UosaW 23 22 19 12% 
MlcrJE 24 11 166 II 


4% - 
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10), 11 -» 


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65f>,ml 10 260 IP - , 1B% 18% - ), 

VJ.A. 39 17 22% 2’’, 225,* % 

*J?I7= 1 250 15 84 23'; CS 28’; * »; 

Uf1/Ke«0 22 E54 65% W% 65% * % 
2br 13 41 A', A% 4% * % 

♦.u:CW 3 4 5 5 5 * % 

•kiiro: 67 8% 6% 6% 


O P Q 

OCA 16 26 23'; 23’, 23% 

Oa-wR OS 15 1?3 1?’, 18), 18), * % 

5u'«H 20 20 lf-% 16% 16-, - % 

PjJtCpn 30 33 377 40-» 39), 40 - % 

Pc Co 1-9 15- IS 1£16 13-16- 

Pc->niC B0 22 30 29% 30 * 4 

PotLw 15J V 1M6 11-16 

PiuuSi 1 3-', 3 , J'b 

PoprSr Z 3% 3% 3-j 

PtutH I 16 75 £>, 3% 3% — % 


Stack to 


P/ Sb 

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R R 

RA"4bg 73 2S t? T9-’j 197? 13% - -J 
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to! 9 IfilJ ;!££■:' 14* i« 146 -3 


R'..!4?,B -0 

RstA&A tin 5 
i? 27 
Sopors 12 
RuCo 56a 1? 
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14 7% 7 ; j Pf * % 

i2 Z7% 21% :u,- % 

73 2:% :r, 22% - - e 

2 TV, TV, 291,- 

8% 6% 8'; 


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21 14 

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10 

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17 W 

17 

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Tc.npt»? 36 

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TubMc* 


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UHmie 20 

uFoodA.iCa 1 

UFdoCB Mo 2 
UnrvRs 13 

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74 72 
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41 30% 30% 

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10 2 9 9 

2066 17% IO, 
1 I 17% 17t- 

20 75 162 153 


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3% - % 
5%- % 
17 ),- % 


18 


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9 

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ITj * % 
119),* V 


9 ? 15% 15-; 

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13 2C51 6 53, 

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6),- 


OVER-THE-COUNTER 


.Yasdaq national market. 2.30pm prices 


Stack 


Sdes Hgh low Let Omg 

(Haris) 


ADCs 
AEL 
ASX 
AaraRt 
Aeodln 
Aceinn 
Acu Roy 
AoacLO 
Ada go 
AdvCir 
Aequtnt 
Anfisii 
AgcyRs 
AuMd 
AirWtsc 
Ate,B 
Algor ex 
AlegW 
■AUegBv 
AlldBn 
AlpMc 
Alios 
AmciaL 
AWAirt 
AmAav 
A Br*j 
AmCarr 
AConll 
AFdSL 
AFIalcn 
AGree- 
AmtnLI 
AUagnt 
AMSs" 
ANnoe 
APliyG 

AfllSac 

AmSoh 

A Solar 

ASurg 

Artuur 

Amgen 

AmshSa 

Ampad 

Anlogic 

Anaien 

Andrew 

Aaoaee 

Apota*; 

AppieC 

AAldBiO 

Aorncm 

AptdMI 

ApIdSIr 

Archive 

ArgoSv 

An;B 

ArlH 

AsdHW 

Asuosy 

Atcor 

AUArr-5 

AlInFJ 

AnPm 

AHFiess 

AUSoAr 

AtvdCc 

AulTiT 
Auimpr 
Auiion 
AvrirGr 
Avnfcrfc 
A, alar 
A^IC-A 


.80 

I 

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1% 

63,* I, 
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24 

.40 

.84 


140 1% 

238 15 
26 14 


.100 

.60 


1% * 1-16 
15 

14 + % 


.66 

.40 


120 . 

102 


160 


.50 

.40 


MO 

.12 


.48 

J4 


160 *9 ’IS-? 19 - % 

4 133, 133, 133, - -, 

2686 12% 113, 12 - 1, 

1 171, 17), TO, 

37321516 2 13-16 2', * V16 

69 I2'j 123. 12% - % 

153 261, 28t, a*', _ i, 

212 19-16 17-16 

133 «| 4»; 

22 5». 6'- 

62 5', 5% 

13 16* a 16% 16% - % 

49 25 3“ 3 34% - % 

105 ? 6% 6% — V 

355 13% 12), 12% 

IO 63% 62% 62-4-1'- 

4« «, 6% 63, + -, 

346 20% 20'; 20% 

570 21% 20% 2CP, - % 

356 I#, 16% 16% 

23 71, 7 7 - 1, 

568 18% 17», TO, * % 

1 12% 12% *2% - », 

216 10 9% 10 

1% 

I®, 

13% 

43 11), 11% liv + % 

35 183, 18% Iff, - I; 

1245 54% 54 5*% * -, 

495 35-4 £4%. 36',.- .%. 
47 11% 11% 11%+% 

57 «% -«*- %„ 

2S 39 3ff, 38% - v 

292 3S% 35% 35% -. % 

6 4 4 ' 4 

35 35 - 

11% IT), 

1% ”, 

.— 9-16 

36S 45'- 45% 45',- 1, 

1517 2®, 28 t »'« - 

6? 25% 24% 24% - % 

70 24% 23% 23% + % 

154 13% 13% 13% - V 

134 II', 11% M% - % 

236 22-- 22i, 22% 

1685 18% ID, 18%+ % 

2955 15% !«; 14), - V 

8047 37 35% 35% - 1% 

553 37% 37 37% 

1 Wi 26V 26), - % 

911 3D, 30-- 

1 11), 11), 11% 

90? 10% 8% *i- V 

15 21% 21'j 21% + % 

4*2 42, 4;:, 42«- 

X 4% 4 4 

0k 
9% 

24'- 
- 16 ' 

45 14% M'j 141?- % 

966 15% IS), 15% - '- 

ICO 29’, 23 29% + % 

3168 14% f<% (4% - % 

5 13V Iff, 13’- 

5 - % 


143 36 
63 -2 
68 1 % 
182 9-16 


4ft fl’» 
334 10, 
186 Zb 
53 Iff? 


10 

25 

16% 


- % 
1 “ k 


75 5% 

207 4% 

106 10% 
19 41? 

+59 -9'; 
197 25’; 
TO 


4 4% + % 

9% 10 

4»> 4’; 

iff, ♦ % 
25 * V 


Beooa 
Banco*? .40 
BcpHw 1 36 
Bar-fee 
BangH .00 
BKNEs 2 
8kMAm IB 
Benlivl Bar 
Bania .40 
Barns) 

BsTnA 

BasArn 1 09 
BserF 60a 
BayBLs £64 
Bavlv -12 
E>ncnC 
Bcnhan 
BcirLb 1.32 
Big B 
BrflBear 
BrmJly 
B-rfll-S 
Bio gen 
Btosic 

Btrdinc 


9 - % 
«% 

irv + % 


19 
3 

4% *% 

B B 

1506 30 29'; KV - - 

26 ?’i 9 

7 4ft% AT'? 

300 11% (*% 

1S3 il 1-t 

707 66 65’; 

72 6 * 6'- . . 

374 Jf. 27% 27), - . 

239 20’- 20% 20'; * % 

429 23% 22% 22% - % 

it «0 ** *■ 

24 10’? 10% 

26 451? 4b 
120 86% 86% ®S% - % 

295 TO, 13% 13% + % 

8 1+% I A), 14), 

9 


66 * 

ff? - % 


Iff; + % 
45-1- 


*13 9% 


1 


9 - % 

13 39), 39% 99% - -, 

40 16'; Iff, 16% - % 

116 171, 17% 171? 

6S> II'? 11% II'? 

9% 


388 9% 


9% 


1791 16% 14-’, 15 - 


Ift 2% 2i- 2% - % 


Bot’Ev 
BoJITe 
Bos] Be 
Bs'nFC 

BraoCp 

Bicnc-a 

Br»7 om 

Brunos 

BuildTs 

BurrBs 

BMAS 

Busmn 


.92 


C COR 
CP Rnb 
CML 

CPI .15* 

CPT 
CSP 
Cl EG; 

CACI 
rt>*ySr ICC 
ColUc 
CaJSlvg 
CalJonP 
Cftlnv .16 
CapCro 

CrdnIQ 060 

CarreiG .OSi 
Ctacmk 
Caimgtn 
Canert I 
CaMrySS 
Cencors 
CiUrSc 180 
Cemcor 
CenBcs 1 50 
CBshSs 
CFdSU 
CemiR 
Cdus 
CtrapEn 
CnrmSs 

ChkPm 
CnLwn 
Clwmer 
ChryE 
OuDii 
CTuf-ac* 
Crtrom 
CnrOws 



5 

a 

TV 

a 


24*, 




10% 

ip, + % 


4 3% 

165 

2202 

4J% 

*3% 

« * '» 


277, 26), 

30b 

192 

2B'; 

£"% 

28--; 


50 4P? 

.16 

ID 

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5% 

% 

DlrGnl 20 202 

19 IBS, 

1 

212 

a*k 


Vk* % 

OomB 1.32 262 

45t? 45% 

60 

151 

40 

39% 

39% - V 

DrenH JB 5 

IP, 16% 



9-4 

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24% 24 


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6% 

ffl 

6% 


t Iff; 


883 

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13-18 

1% +1-16 

Orerlr 3* 

1SV *5’; 

.16 

74E 


17% 

TO, - % 


24% 24’; 


2t 

31% 

31 

31% 

Dum.Dn 28 10M 

37'? 36', 


19 

21 

20-? 

20'; 

Dor ire-n . 56 68 

*2 11% 

1 10 

317 

«=, 

W, 

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PuiR'is -16 12 

14'; 14% 


747 

11 

iff. 

10*, _ t # 


9), 5';- 



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DvnicnC 2BT8 

30% 29% 


212 

6', 


S«- -a 


E E __ 


S'B 

IK 18 
523 283, 281; 2ff; 


5 5 

17% TO, 


241 4% 

37 13 




41- - 1. 


12V 12V - ', 

12 21% 19), 21% + 1% 

5033-16 3 3 - % 

417 W, »>. 25’? - % 

E7 12 11% i\% - % 

65 2% 37-16 37-16- % 

43 3, % %- 1, 

*46 11 ICO, TO, - % 
4Kl 1-18 1 1-1-15 

IS 24), 241- +41, 

56 91, 8% 9% - % 

482 19% 18% 19 - % 
910 23% 2T% 22% - 1% 

«45 19'; 13% 13'? + I, 

111 22), 22-, 22'?+ % 

1320 13'- 12% Iff, * % 

45% 45%- % 

38 38% - 1 


88 

.96 


229 46 
932 39 
52 55% 55 

101 24’; 24 
38 30% J0'- 
55 21, 


2% 


55% 
24-% 
30'; 

2% 


Stack 


Saks High Lew Lae) Drug 
JHrufcl 


26 


7), “ -» 


C'priCO 

Crrccrn 31 11% -0% 11% * 

CUSGa Pft 878 27 26% 26), - 7, 

CtrFtas 60 «3 31’; 31 21 - % 

Colli A 1 144 491, ASV 49 
CEUI B 2-6 59 48 

C>tyFed 40 2035 -5'* 

GlyNCp BBt> 23 35), Sff: 

CtartJ 
CfearCLl 
Ctaetfb 

enmms 3029 Iff, 16», TO; - 3, 

2*6 »7% Ip, 16% - % 

205 22 ‘ 


47 1 , 48 * 1 

15% IS 1 ? - h 
3ff? - % 


96 31 3IV>, 301- 3ff; - % 

3 (5 15 15 - ', 

18 17% 17 TO, * % 


COBSIF 
CobeLs 
CocaBil -56a 
Ccour 
Cogemc 
Coneml 
ColabR 
Cotagen 
Colins 
ColL Ac 1.12 
Cd r Tie 
ColoM 
Com air 


21’j 21% - 1, 

22 53% 52-; 52-, - -; 

-3 ID, 11V ID, - -, 

171S 3 V 35-16 3% + -, 

2-2 15% 14), 15 

P; 6-j - *, 


324 7% 


119 2J»? 23% 23% - 


19 5% 


.74 


5% 5% 

3 46% 46% 46% + 3, 

3) 23V 23 23’, 

95 18% TO, 18’?- % 

ff, 8-, - 


363 9’| . . 

Contest .12 1027 25’; 25% 25% * % 

Comdia .16 1152 14 iff, TO", - -, 

Cmdial 79 2-; 2% 2’; 

Cmenc £20 59 53-? bff? 53’; 

Cm-reus 534 27), 26% 26% - % 

-CmtSTig .56. .4 14 TO, 13V - % 

ComAin 31 13-10 13-16 1£16 

ComSvs .15 308 tf-g 11% 1«'| +_ % 

CnibCrd ■■ ■ ' 94 26), «>- 


_ . »% 2«, - % 

CrrpCrs 42 399 .15% I5-? 15), - % 

Campus ' ' 64 2% 2% 2V - 

614 111, 10% 11 * % 

4285 24 “ — * 

08 257 71, 

J35 10% 


GOTO 
CmpAss 
CmoOt 
CpiEni 
CmwH 

CrnpLR .12 
CmptM 
CmpPr 
CmTlAs 
Cmprdn 
Cptclt 
Comshr 
Concpri 


21% 23), *2 
67* 7+1, 

. 9<J 9), + % 

37 13% 13% 13% 

3 7*, 77, 77j 

l £>- •* 

e« 6-* 


55 r« # 

605 7 

38 26), 

» *j 

130 ?B 
15 127 


26-, 2ff;- % 
% % + -e 


CoCap 240 381 14«- 

CCnpR 1.68 55 9’; 


. )3% 13% 

154 TO, 10% Iff? 

14 14% - 1, 

9 9’> + % 


CCapS i 16 271 11% 11% IT; 


QonFDf 


12 6 % 


8% 


C ns Pap 180 348 54), 54% 54% - V 


ConsPd 08 
Consul 
CnuBc 2tw> 
CliHlrti 
CtLmtr 
Convgl 
Convrse 
CopprD 
CooprL 
CoorsB 
Cooyiel 
Corcom 
Cordis 




3%- % 
3%- % 
67% - % 

9 + -a 
9V - % 
9% 10 + V 

TO* 14 - % 

2 2 -1-16 
546 5 4 13-16 4*, -V16 

50 2264 2», 28% 2B-? 

313 9% 9% e% ♦ ’* 

46 ff, 77, 8% + % 

962 Iff; 12% Iff; 


46 3% 

141 3% 

93 6D, 6’ 

2-6 9 *>, 

as IO 

18759 10% 

158 14 
1077 2% 


CoroSts 1.24 338 411, 40% 4ffj- % 


.14 


.80 


Conus 
Coe mo 
CrkBil 
Cronus 
CroeTr 
CnmBi 
Crumps 25 
CulInFr .20 
Culums .50 
Cycres 


2138 X, 
37 37-16 
16 20 


ff; 

?% 




TO, 20 
63 271, 27% 27% - % 
305 22% 22% 2ff- — -, 

14 


10 14 
106 25 


M + V 


24'; 24), - % 


116 173, 17% 177, r % 


7 23 


23 


£3 


.24 


DBA 
OOI 
P?PS 
DSC 
OaisyJy 
DmnEiP 
DartGp .13 
DalCrd 

D-a'O 
Diswicn 
Daiscp 
Datum 
Daws on 
DebShs 
DecrsO 
Deka'b 
Delians 
DcmMd 
DragPr 
Drasanc 


224 14% 14% 14% - % 

D O 

30 14% 14% 14% - % 

1 33, 3>, 3V + % 

10 13% *3% 13% - % 

1189 M% 1.1 IT, 

932 -ff; -2 12% - % 

TTS 9% 8% B' s - % 
113 130 129 129'? + % 


140 22% 22% 22% 

424 1£% 12 12% 


20 


51 8% 8% 8% - % 

37 34% 33), 333,- 1- 

6), 


112 6 -% 
83 S’, 


33 30'; 30 


63, 

5% 

30'; 


12% UV 11% “ % 
.72 1219 2(P* 20% 20), + % 


13 
46 6% 

181 23'; 


7-16 7-16 

6% 6% + 


22V 2D, - 


2944 3 11-16 30-16 3% -M6 


24 

13'; - % 


93, ♦ % 


tcrrei 

Eagifl 


6663 1- 16 


1294 3D, 37% 37% 

138 2% 29-16 29-16- 1-16 


Crpftei 



1204 

29% 

ZBJj 

28V- 

% 


340 

25 


25-; - 


.40 

208 

27 

SS?, 

77 



400 

7% 

7% 

J%' % 

12 

79 

13 

TO, 

13 1 

h 


1119 

10'; 

10% 

IP, - 

1. 


43 

29% 

29% 

29% - 

■ 


7 

13 

-7% 

TO,- % 

20 

2B8 

14'; 

M% 

14-, 


-ISo 

8 

482, 

48), 

48), 



790 

13% 

IP? 

185,- 

7 S 


EfPos 
Elan 

eidub 

Eldons 
EiocBia 
EiCfttn 
SloNuO 
E'cRnl 
DmMts 
ElronEI 
Emuio* 

Endia 

ElWOLS 

EngCnv 

EnFacI 

Engpl-S .1? 

EnzoBi 

Egual 

EglO'i 

ErtaTl 

Erlylnd 

EvnSul 

EnO’-’r 


4i 
49% 

20 75. 7i 4 

15? 464 15% 15 


EmU 1.16 917 4ff, 

EClec 


51- 

2'i ~ % 

49%+ % 
7% 

15% ♦ % 


• IS 73 IB 
2085 r. s 


7-8+ % 


68 -2'; 12% -2% + % 

37 9 S% 8>a 

ID, TO, 

7% 

itf 13% 13% 13 

72 11’; 11% IT? + % 

47 16% 1c 

3 

7% 

9'-; 

F B 


1 3 

147 7), 

98 

504 6% 

186 5 


4% 


16 - 1- 
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7), 

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6%* % 
4% 


83 ?(P; 20'? ?0% 

IS TO: TO, TO, - % 

22 12% I2-? 13%-% 

769 17% 1«% 16%+ 

6% 

5% 


59? 9% 

14 5'? 


9% + 

5-r + % 


1004 40% 39% 39% - 'i 


9 E% 8% e%- % 


51 27% ?6», 20-, - % 
40 16 1 ? 18% 18% 


FOP 

FMI 

FaniRest 

FarmF 

FarGp 

FedGrp 

Fcto'lu 

Fibrous 


F F 

ss 7% 7 

470 UP; 

133 2% 

3) 14 
2 2332 81'; 81 

571 11*2 11 

294 37, 


7»S + % 
10 10% ♦ % 
2% 2 7-15 
13% 14 

81 - % 
11% + % 
3% 3* 


158 12% TO* iZ^~ ’» 


FdlcrS 1« 471 44% « 


FrtrttH 


18 54>? Sf 


Slack 


SMes High lew Last Ding' 
iKarix) 


- HggieB 
Friirti 
. Fevjm, 

Finrgan 

FAtaBk 

FtAFm 

FiATrts 

FtColP 

FComC 

FlCorn 

FE»e« 

FFC-al» 

FFFlMs 

FlFnCp 

FlFnMs 

FlFIBK 

FJerfi 

FMdBs 

FNCnvi 

FRBGa 

FSecC 

FTenns 

FstUnC 

Flaheyh 

F-eutl 

FlaFOl 

FlaNFI 

FlowSs 

Fiumcb 

Fon am 

FLkhiA 

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Continued on Page 38' 




» the Ka 


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42 


Paris 

CAC General 
Dec 31, 1982-100 


Frankfurt 

Commerzbank 
Dec 1,1863-100 


STOCK MARKET INDICES 

NEW YORK May ts Pnntoua 

DJ Industrials 1,787.70* 1.80328 
DJ Transport 779.93* 786.43 

DJ Utilities 182.16’ 182.70 

S&P Composite 236.07* 237.54 


LONDON 

FTOrd 
FT-SE100 
FT- A All-Share 
FT-A500 
FT Gold mines 
FT -A Long gilt 


1.302.6 

1.575.7 
779.75 
854 58 
244.3 

9.08 


1.320 0 
1.594.3 
786.41 
862.33 
251.0 
9.03 


1.012.5 

1.342.4. 

640.92 

702.88 

4888 

10.76 


TOKYO 

Nikkei 
Tokyo SE 


15.924.69 15.943.75 12.358.00 
1,255.43 1,257.80 967.87 


AUSTRALIA 

All Ord 

Metals & Mins. 


1.194.4 

493.0 


AUSTRIA 

Credit Aktien 


123.73 124.40 93.61 


BELGIUM 

Belgian SE 

CANADA 


Toronto 

Metals & Minis 2.058.0 ’ 
Composite 3.075.3 * 

Montreal 

Portfolio 1,560.38* 


DENHAM 

Sc 


FRANCE 

CAC Gen 
Ind. Tendance 


WEST GERMANY 

FAZ-Aktien 655.53 
Commerzbank 1.9862 


664 95 
2,019.1 


431.89 

1.262.9 


HONGKONG 

Hang Seng 

ITALY 

Banca Comm. 


1.79417 1.820 £8 1.612.61 


NETHERLANDS 

ANP-CSS Gen 
ANP-CBS ind 


NORWAY 

Oslo SE 


338.74 340.97 332.37 


SINGAPORE 

Straits Times 


598.22 598 98 814.42 


SOUTH AFRICA 

JSE Golds 
JSE Industrials 


1.171.7 1.086.9 

1.1762 933.0 


SPAM 

Madrid SE 


closed 192.75 


SWEDEN 

J&P 


2^23.48 2.313.69 1J384.18 


SWITZERLAND 

Swiss Bank Ind 5742 576.5 429 8 


WORLD May 14 Prev Year ago 

MS Capital Inti 318.4 319.9 207.6 


COMMODITIES 


(London) 

Sliver (spot fixing) 
Copper (cash) 
Coffee (Mayl 
Oil (Brant blend) 


May 15 Prev 
328 35p 330.65p 

£928.00 £93325 

£1.958.00 £1977.50 
S 1420 S 14.10 


GOLD (per ounce) 


London 
Zurich 
Pans (fixing) 
Luxembourg 
New York (June) 


May 15 Prev 
$34225 £342.75 

534205 £342.30 

$342.59 S 343 22 

S34220 £343.10 

$343.40 5343-10 




CURRENCIES 


Prevtoua Year ago 
1.60828 127392 
786.43 611.16 

182.70 159.21 

237.54 184.54 



US DOLLAR 

STERLING 

(London) May IS 

Pravtoua 

May 15 

Previous 

s 

— 

- 

1.535 

15395 

DM 

2.1985 

2.185 

3.375 

3.365 

Yen 

163.6 

163.35 

251 .2S 

2515 

FFr 

7.01 

6.9675 

10.76 

10.7275 

SFr 

1.828 

1.8175 

2.805 

2-7975 

Guilder 2.4785 

2.45 

3.805 

3.7875 

Lira 

1507.0 

1.497.5 

2.313.0 

2.305.5 

BFr 

44.8 

44.75 

88.75 

68.75 

CS 

1.3755 

1.3775 

2.1125 

2.1181 


INTEREST RATES 


Euro-currencies 

(3-month offered rate) 

May 15 

Prev 


£ 


lOTim 

10Yi« 


SFr 


4% 

4Y.i 


DM 


• 4% 

4% 


FFr 


7V„ 

7% 


FT London Interbank fixing 

(ottered rate) 

3-month USS 
6-month USS 

US Fed Funds 
US 3 -month CDs 
IIS 3 -month T-bills 


7 6'*.. 

7 6’ft« 

6 V 6ft 

6.65* 6.55 

6.165* 6.07 


IIS BONDS 


Treasury 




Price 

Yield 

Pries 

YMc 

6% 

1388 

99ft; 

7.414 

99"&3 

7.12 

7ft 

1993 

97**2 

7.81 

99’ft* 

7.48 

7ft 

1996 

97 

7.81 

98 ft.' 

7.65 

7* 

2016 

97 

7.50 

97*fta 

7^3 


Source.* Harris Trust Savings Sank 


Treasury Index 

May 15* 

Maturity Rerun Day's 

(years) Max charge 

1-30 149.43 —029 

1-10 14225 -0.29 

1- 3 134.54 -0.16 

3- 5 143.96 -0.43 

15-30 17524 -0.79 


YMd Day's 
change 

7.70 +0.07 
724 +0.08 
7.20 +0.09 
7.75 +0.07 
8.19 +0.02 


Source: MerrtB Lynch 


Co r po rate May 15* Prev 

Price Yield Price Yield 

AT&T 

3ft July 1990 89ft 6.88 89ft 628 

SCBT South Central 

10ft Jan 1993 106ft 7.73 106ft 7.81 

Phibro-SaJ 

8 April 1996 99 8.14 98ft 825 

TRW 

8ft March 1996 102 8.35 102 8.35 

Arco 

9ft March 2016 106ft 922 106ft 92 

General Motors 

8ft April 2016 94 829 93ft 8.72 

Citicorp 

9ft March 2016 99 9.47 98ft 922 

Soon as. Salomon Brothers 


FINANCIAL FUTURES 


CHICAGO Latest ttgh Low Prev 

US Treasury Bonds (CBT) 

8% 32nds of 100% 

June 96-12 98-04 96-06 97-27 

US Treasury Bflte (MM) 

Sim points of 100 % 

June 9326 83.94 93.83 9325 

Certificates of Depots (HMJ 

£ 1 m points of 100% 

June n/a n/a n/a 93.38 

LONDON 

Three-month Eurodollar 

51m points of 100% 

June 93.04 93.10 93.02 93.17 

20-year Notional GW 

£50.000 32rtds of 100% 

June 124-26 125-20 124-24 125-23 


• Latest m/adatte ttgures 






si’." =: - ■ -"lisymaii 



FINANCIAL TIMES 

WORLD STOCK MARKETS 


>. ii-v-X i*"’.- 
‘.*v . “•• 5 -- 7 


WALL STREET 


Profit-takers 
move in on 
blue chips 


BLUE CHIPS swiftly went into reverse 
gear on Wall Street yesterday when 
profit-takers moved in on the sharp 
gains registered in the final hour of 
Wednesday's trading, writes Terry By- 
land in New York. 

At 3pm the Dow Jones industrial aver- 
age was down 20.95 at 1,787 .33. 

As the Dow 1,800 level slipped from 
the market's grasp once more, traders 
expressed some disappointment. Wed- 
nesday's gain was restricted to the few 
blue-chip issues affected by the stock fu- 
tures market 

However, yesterday's economic news 
was good - the gain of 0.2 per cent in 
April industrial production statistics 
was unexpected - and there was no rush 
to sell blue chips. 

Today is expiry day in the stock fu- 
tures and share option markets, an ex- 
perience which has proved unsettling in 
, recent months. Traders are expected to 
I delay major investment decisions until 
the futures and options settlement is 
completed. 

IBM was sold down from the opening, 
losing Sift to $ 146ft. Among other stocks 
to react from Wednesday's gains were 
Merck, down $% at SI 86ft, Digital Equip- 
ment, down Sft at $87ft, and General 
Motors, down Sft at $76ft. 

The rest of the technology sector took 
its cue from IBM. Weak features in- 
cluded Texas Instruments, down Sift at 
$135, and Cray Research, Sift lower at 
$80ft. Among the personal computer 
makers, Apple fell Sift to S3 5ft in a 
sharp selling bout 

Computer stocks were unsettled by 
the prospect of the Sperry/Burroughs 
merger which threatens to introduce a 
new and substantial competitor. 

Sperry held steady at S72ft. It said it 
would shortly commence its S80-a-share 
equity buyback although the plan only 
becomes effective if Burroughs obtains 
51 per cent acceptances from Sperry 
stockholders for its $80-a-share offer. 
The arbitrageurs, who hold substan- 
tial stakes in Sperry, expect the board’s 
plan to force a slightly higher bid out of 
Burroughs. At S59ft Burroughs eased 
Sft. 

Oils continued to move narrowly as 
crude oil futures held well above the $15- 
a-barrel level for June delivery. Exxon 
shed Sft to $58ft, and Atlantic Richfield 
held steady at $55ft. 

Airline stocks gave up a little of their 
recent gains. United at $58 dipped $% 
and American $% to $54ft. Pan Am at 
$6ft eased Sft. 

Indications that foreign exchange 
markets are turning more optimistic on 
the US dollar sent Pharmaceutical is- 
sues lower. Bristol-Myers shed Sft to 
$76ft and Abbott Laboratories lost Sft to 
S85ft. Mylan Laboratories gained Sift to 
$24ft after receiving FDA approval for a 
new drug. 

Chemicals, which also suffer from a 
stronger dollar making their product 
harder to sell overseas, were mixed. 
Monsanto added SI to $84ft, but Dow 
eased Sft to $54ft. 

In the new issue markets, the when- 
issued stock of Henley Group, a collec- 
tion of 35 companies spun off by Allied- 
Signal, traded up to $23,875 after the 
planned public offering was increased to 
$1.59bo, the largest US offer on record. 

In the consumer stocks, Coca-Cola 
plummeted $3ft to $108ft in moderate 
selling after a bearish review in the in- 
vestment press - the Atlanta soft drinks 
manufacturer has been struggling to re- 
gain Wall Street esteem in the wake of 
the troubled introduction of New Coke - 
and the reintroduction of Classic Coke. 

There was some activity in Quaker 
Oats, and old speculative favourite, but 
the stock settled off the top at $70ft, a 
net Sft up. 

J. C. Penney at S78ft added a further 


$2 in response to the profits statement 

But most other department store is- 
sues weakened. Federated Department 
losing Sft to STB 3 /*. 

Bonds turned easier in response to the 
April industrial production figures but 
remained preoccupied with digesting 
the weight of recently issued Treasury 
paper. Both factors reduce the chances 
of an easing in Federal Reserve policies, 
and short-term rates turned smartly 
higher at midsession despite a further 
SI. 5 bn in customer repurchase arrange- 
ments by the Fed. 


EUROPE 




Enthusiasm 


AmsferdattTiwas 


diluted 


Lj f.-.' '• Aaa&ft ; 

, hopes ^ a settiem^rt ia its . 

puts with Liu Font ; Unifevef^jetosed 

- dead.. 



TOKYO 


Uncertainty 
over yen 


lingers 


INVESTORS in Tokyo yesterday re- 
I mained uncertain about the outlook for 
the yen, and share prices slipped for the 
fourth straight session, writes Shigeo 
Nishiwaki of Jiji Press. 

Some chemicals and biotechnology-re- 
lated issues performed well, but many 
domestic demand-oriented shares and 
blue chips were neglected. Some shares 
with hidden incentives plummeted. 

The Nikkei average eased 19.06 to 
15,924.69. It fluctuated narrowly, moving 
up 29 points at one stage and down 20 
points at another. Volume was light at 
484m shares, compared with Wednes- 
day’s 497m. Losers outstripped gainers 
by 458 to 383, with 144 issues unchanged. 

Many investors were ready to buy do- 
mestic demand issues if the yen rose 
against the US dollar and blue chips if 
the yen fell. But the yen moved in so 
narrow a range of Y162 to Y164 to the 
dollar that they could not decide what 
stocks to buy. Their confusion was fur- 
ther intensified by a succession of sug- 
gestive statements by high-r ankin g US 
officials. 

Because of the uncertain outlook for 
the yen, investors sought shares that 
had long been out of favour. They 
bought chemicals in the morning and bi- 
otechnology-related drugs in the after- 
noon. An analyst said these share pur- 
chases were intended to earn short-term 
gains, adding that the turnover on these 
issues was quick. 

Among the chemicals favoured, Mit- 
sui Petrochemical and Mitsubishi Chem- 
ical benefited from prospects of higher 
earnings due to the strong yen and 
cheaper oiL Attracting many institution-' 
al buyers, they gained Y45 to Y735 and 
Y9 to YB99. respectively. 

Prominent among the biotechnology- 
related issues was Toyo Shoda which 
drew strength from its development of 
mass production techniques for a hu- 
man growth hormone. Topping the list , 
of 10 most active stocks with 23.14m 
shares traded, the stock rose Y19 to 
Y427. 

Leading domestic demand-oriented 
stocks moved narrowly. Among hidden- 
asset issues Mitsubishi Estate gained 
Y20 to Y1.800, and Mitsubishi Ware- 
house and Transportation lost Y20 to 
Y1.070. Tokyo Electric Power finned Y10 
to Y3.600 in thin trading. But Tokyo Ho- 
tel Chain advanced Y30 to Y1.020. 

Many blue chips were out of favour al- 
though Hitachi added Y2 to Y890 and 
Oki Electric gained Y13 to Y696. 

Bond prices fell sharply in response to 
a plunge in bond futures prices, with the 
yield on the bellwether 6.2 per cent gov- 
ernment bond due in July 1995 soaring 
to 4.815 per cent from Wednesday's 4.775 
per cent 


SOUTH AFRICA 

THE LACK of any clear direction in Jo- 
hannesburg left prices steady to easier 
on a dull day of trading. 

Among gold issues Vaal Reefs gave up 
R4 to R213 and Kloof 50 cents to R22. 
Randfontein, one of the few bright spots, 
added R5.50 to R247. 

Platinum issue Rustenburg slipped 40 
cents to R32.10, and diamond share De 
Beers was unchanged at R24.60. 


THE VIGOUR displayed on theiEnro- 
pean bourses on Wednesday was partial-, 
ly diluted yesterday as some centres ex- 
perienced position adjustments by pro- . 
fessionai dealers ahead of the Whitsun’ 
holiday on Monday. Interest-rate move- 
ments, actual and hoped-for, also : fea- 
tured. * - 

Frankfurt gave up ground early jn the; 
session, but the pace of the ^decline 
quickened as some investors began to 
fear for the stability of the market, ac- 
cording to brokers. The midsession cal- 
culation of the Commerzbank index 
showed a 32.9 fall to 1,986.2. 

Car makers were once again caught in 
the firing line, with. Daimler. DM 28-50 
lower at DM 1,325 despite good first- - 
quarter tractor sales. BMW took a pror 
portionaUy more severe fall of DM 18 to 
DM 555 on modest four-month figures, 
and VW lost DM. 12 to DM 558. 

Degussa, the chemicals and precious 
metals refining group, led the chemical 
sector lower with its DM 13 'deduze to 
DM 450 while Schering finished DM 
11.50 cheaper at DM 537. Bayer fell DM . 
8,30 to DM 290 despite record profits for 
its photographic unit Agfa-Gevaert. 

Among the leading banks Deutsche 
showed the way with its DM 13.50 de-. 
cline to DM 798J50 while Commerzbank 
lost DM 8.50 to DM 319. The sector was 
depressed by Bundesbank assertions 
that interest rates are unlikely to move 
lower as long as the. D-Mark remains 
weak in the EMS. 

Sentiment in the bond market was un- 
dermined by the Bundesbank remarks 
and the lower overnight close of US 
credit markets. Longs fluctuated widely 
with gains of up to 45 basis points and 
falls of 80 basis points. The central bank 
sold DM 12j9m of paper after Wednes- 
day's huge DM 147.5m sales. 

Brussels turned mixed amid uncer- 
tainty over the Government’s ability to 
cut the country’s large budget deficit. 
Today’s scheduled- one-day strike by : 
pubtic-sector employees also unsettled 1 
sentiment The Belgian Stock Exchange 
index lost 6.84 to 3,635.09- * . .'■ 

Bellwether Petrofina retreated BFr 10 
to BFr 7,945 while Groupe Bruxelles 
Lambert held unchanged at BFr 3,430. 

Utilities, ever sensitive to political de- 
velopments, lost ground, mid chemicals 
were soon to follow. Ebes' surrendered 
BFr 40 to BFr 4,500. and Solvay fell BFr 
50 to BFr 8.250- 

Foreign support was noticeable for 
travel and tourism group Wagons-Lits, 
which picked up BFr 40 to BFr 6,020. 

Zorich firmed as banks steadied. 
Union Bank, SFr 60 higher at SFr 5,660, 
was one of the few movers while in in- 
surers Zurich Insurance lost SFr 75 to 
SFr 8,375. 

Adia was buoyed by foreign demand 
and advanced SFr 275 to SFr 6,350 while 
Oerlikon-Buhrle finned SFr 10 to SFr 
1,980 on results. 

Paris was boosted by the relaxation of 
foreign exchange controls and the re- 
cent interest-rate cuts. 

Radiotechnique was among the lead- 
ers with its FFr 64 gain to FFr 972, while 
Esso scored a 5 per cent gain to FFr 545. 
Schneider hit a high for the year of FFr 
747 with its FFr 20 rise. 

Isolated gains were achieved in Milan 
on technical book-squaring. Fiat added a 
further L150 to L14.900 after an early 
L15.000. Among the insurers Generali 
gained LI .600 to L147.500 while in banks 
Mediobanca retreated L4.500 to 
L283.000. 

Stockholm finished higher after an 
easier opening. Volvo featured strongly, 
buoyed by heavy interest for the trans- 
port group in the options market, and 
ended SKr 7 ahead at SKr 410. First- 
quarter results are due next week. 

Elsewhere, Saab-Scania firmed SKr 
40 to SKr 890, and Electrolux picked up 
SKr 3 to SKr 304. 


. lONP^N; 

THE MARKET ^'cmrtmn^fedigi^ilSai- 

* i rWesti : cateh : y yedn^toj^ abndf 

■: prices wilted hirissb-. ;■*; 

■ i- T73p, andBiv l&p lower fo - 

-^ex(xte_themiazketi : ‘Z? £4. > ’ 

. : The^FTOidmaiat^haire mdex^whicfr 

• c'- a n -v" " _ **, . 




a fell of, 17-4 atT^02fi'wh^ the ;FT-SE 

: lOO. dipped I8Afolfi75-V 

A' . small ' ralfy- uL'gfite proved short- 

■ jived*- : dSuo^lieci^ 

with'a fan bfaround 35. 

Demand persisted forlGBdnese-bteids 
on debt settienent' hopes, wifhtbe 5 per 
cent 19£2improving 8 mqre>toX40: ‘ 
Chief 

Page 38; &iare service, - 

Pages 36-37 ->,:v VC3 r--.: 


AUSTRALIA 1 

BEARISH %)MMENTS frbm!the^Ai^ 
tralian Treasurer over the'- ecddomy, - a 
drop in file local currency and. rented 
fears cf a rise in dontestfo interest rates 


yesterday. • ■ - : j 

Indusbial issues led tbb cfeclihe While 
batiks featured among the biggest tosers 
of the day.. ' . ' ’ • ^ : ■ ' • • ' 

BHP was active, after . Mr 
Holmes k Court’s increased bid oh Wed- 
nesday, but lost 22 cents to A$8.08i Bell 
Resources*lthe takeover vehicle, fell 35 
cents fo AS4-2Q while BeQ Group, the 
parent company, gave . up 40 cents to 
AS8.50. . 

Wes^>ac, whidi announced a-tower- 
than-expecfed rise In pzofits for the hail 
year, drifted 14 cents lower to AS5 j96. 




h-'tl 


HONGKONG 


‘ic- 


YESTEHDAY marked tfae first day of 
trading in Cathay Pacific Glares, but 
despite increased activity prices in Hong 
Kong fell sharply. • ! /, . ■ . 

• The HangSeng index^ rc®ped2&51to 
1,79417, dipping befow; tbel^00d5®rier- 
for the first thro fhnceLj^grfl ai,'. 

(hie in every five Cathay • Pacific 
shares changed hands, and tbctosed at ' 
HKS5.15, close to where it fa^an trad- 
ing. But the hectic adfvity distracted in- 
vestors fremissneS-teother sectors. 

In properties Cheung Kong feU 40 
cents to HKS211K), Hongkong and Kow- 
loon Wharf 15 cents to HKS7.00, Hong- 
kong Land 10 cents to HKS625 and Sun 
Hung Kai Properties 20 cents to 
HK$12^0. . 






SINGAPORE 


DESPITE some profit-taking, Singapore 
re m a ine d steady to firm as - blue chips 
enjoyed support from new investors 
who are using money from the Central 
Provident Fund to purchase shares. 

B ank s and industrials were popular. 
DBS gained 5 cents to SS5.35, OCBC the 
same amount to SS6.40 but UOB gave up . 
4 cents to SS3.28. * •' • 

Dah Yung, taping the busy list with 
1.42m shares traded, added 21 cents to 
42 cents. Also active, Keppel shipyards 
lost 5 cents to SS1.04. 




<‘3 2tl. 


CANADA 


THERE was little reaction in Toronto to 
the decision by most major banks to cut 
their prime rates. Advances only slightly 
outnumbered declines, and most sectors 
were little changed. 

Bank of Montreal, the fir s t bank to cut 
its prime rate, advanced CSft to G$33%. 
Toronto- Do minion was unchanged at 
C$ 2 5 ft. Royal Bank slipped CSft to 
C$32% and Bank of Nova Scotia lost CSft 
to C$14ft. 

Montreal was also barely- changed, 
Imasco gave up C$ft to C$36. . 




^USote} h 


/IZTECWEST 


BRISTOL 


Aztec West is Bristol’s big business-success-story. 
This unique and spectacularly impressive land- 
scaped business park covers almost 125 acres, just 
half a mile <fistant from the M4/M5 interchange. 

Aztec West has potential for over 2 million square feet 
of offices, warehouse and manufacturing units in an 
environment aimed at expansion of business opportun- 
ities. All units are for lease or purchase with options on 


neighbouring plots for future growth. 

The Aztec West 200 development is the latest in this 
spectacular project Phase 1 offers up to 22,310 sq ft net 
of office space with full double glazing, suspended 
ceilings and integrated lighting. There are individual 
central heating systems and parking space for 11 7 cars. 
Phase 2 is in the planning stage and will offer similar 
facilities for all types of business endeavours. 


i^Sacht 


Aztec West has limitless potential and promise, 
whatever you're looking for - and however spectacular 
your company’s growth. 


AOMtocmentty 


LALONDE. 


Richard Effis 




Spectacular Growth 


WMNwnMrji. xwwot-enww